Praxis has purchased two interlinked office buildings for around £4.4m as part of an expansion of its interests in Arlington Business Park in Berkshire.
The commercial property investors acquired around 48,000 sq ft at the park in Theale in an off-market deal with DTZiM.
It already owns buildings at the park – 1530 and 1600 – comprising 94,000 sq ft, which is let to Pepsico.
It will now undertake a grade A refurbishment of the newly-acquired buildings – 1510 and 1520 – and offer them for single occupation or in floor plate configurations from 9,000 to 48,000 sq ft. It intends to complete the work by Q4 2015.
Jack Burgess, investment manager at Praxis, said: “Arlington Business Park is one of the pre-eminent South East office parks. The acquisition of 1510/20 consolidates our existing ownership and gives us some critical mass on the park to justify the construction of a proprietary amenity block.
“We will be refurbishing all our buildings in due course, starting with 1510 and 1520, and this will enable us to deliver grade A accommodation at a substantial discount to other buildings either within Arlington, at neighbouring Green Park or in nearby Reading town centre.”
Finn & Co acted for Praxis, while Haslams acted for DTZiM.
Article Source: Property Week – Kate Youde
Added by
Neil Seager
BSc (Hons) MRICS