Packaged Living and Bridges Fund Management have bought Covéa Insurance’s former riverside office in Reading with a view to converting it into 200 BTR homes.
Packaged Living and Bridges acquired Norman Place from the insurance company for an undisclosed price.
Ed Ellerington, founder and CEO of Packaged Living, said: “We are delighted to have partnered with Bridges to redevelop this obsolete office building into an institutional-grade BTR scheme, which in turn will encourage more young professionals into the town supporting its economic growth.
“Reading has seen unparalleled growth over the past few years, with surging demand for new good quality homes and a limited supply within the town centre. Norman Place, located on the waterfront with vistas over Christchurch Meadows, is a fantastic canvas to create a standout place for people to live close to local employment and the wider amenities of the town.”
Guy Parkes, agency partner at Vail Williams, who represented the vendor on the transaction, said: “This is a well-known property in a prime spot along the Thames path and one of the first sites to be seen when exiting the rail station.
“Now it is to get a new lease of life as Packaged Living and Bridges transform the site into up to 234 BTR residential apartments. We were particularly impressed with the way the purchaser’s credentials aligned with our client’s values and our own – particularly around environmental and social responsibilities.
“The town centre retail and leisure amenities are a five-minute walk from the site and there are fast links via both overground rail and the Elizabeth Line tube to London Paddington (27 mins), London Bond Street (35 mins) and Heathrow Airport (48 mins).”
Hollis Hockley advised the purchasers.
