In a major boost to the Thames Valley office market, Green Park, wholly owned by Mapletree Investments (“Mapletree”) has confirmed its decision to develop the next phase of Green Park on a speculative basis.
Construction of 400 and 450 Longwater Avenue will start in February 2019. Totaling 228,000 square feet (sq ft), the project provides column-free office space, to be accredited by the WELL Building Institute. Ready for occupation in August 2020, each building will provide 114,000 sq ft net of Grade A offices on ground and four upper floors within biodiverse, landscaped grounds with decking overlooking Longwater Lake.
The new Green Park Railway Station will be within a few minutes’ walk from the buildings, which is scheduled for completion in Autumn 2019, providing a direct link to Reading mainline station and Crossrail services.
The decision reflects the continued strength of the park and follows the announcement by telecoms giant Virgin Media that they are relocating their UK head office to Green Park next year. Virgin Media will take 120,000 sq ft at 500 Brook Drive, joining other international occupiers who have moved to Green Park in recent years including Bayer, PepsiCo, Thales and Huawei.
More than 60 businesses, from start-ups to global headquarters, are now based at the 195-acre business park employing over 7,000 people.
Rory Carson, Vice President of Asset Management, UK, for Mapletree at Green Park, said:“These are very exciting times for Green Park, which will enter its next phase of growth to meet the demand of tenants. These stunning new offices will attract the most dynamic talents and businesses, which want to work in a great environment. Our investment to start 400 and 500 Longwater Avenue shows our commitment both to the park and Reading as the epicentre of the Thames Valley.”
Cushman & Wakefield and Campbell Gordon acted for Mapletree and CBRE for Virgin Media.