We are delighted to have acted for abrdn Investment Trusts in successfully regearing all the leases at Forbury Works in Reading town centre.
Tom Fletcher originally bought the building in 2015 for Boultbee Brooks Real Estate, provided refurbishment advice and fully let the building within just 6 months of completion of the works.
New owners, abrdn, asked us to utilise our in-depth knowledge of the market to negotiate the removal of break clauses, extension of lease terms and rental increases where possible. End result…an average rental increase of £2 per sq ft across the building, increased AWULT and significant increase in overall asset value.
All of this was completed in just 6 months, at a time when confidence in the office market was low. A good reminder that the best employers still need quality workspace.