Spire Healthcare has sold the 20,500 sq ft Regents Gate office building on Crown Street in Reading to a private investor for an undisclosed price.
There is planning consent in place for residential conversion of the building to 29 apartments. Regents Gate is arranged over three floors, has generous on-site parking and occupies a central location close to Reading town centre.
Andrew Baillie, associate at Vail Williams, which advised Spire on the deal, said “Previously occupied by Spire Healthcare’s administrative team, the offices had become surplus to requirement following their relocation to higher quality space in Reading town centre. Our role was to market Regents Gate to potential investors and developers and manage a robust, transparent disposal process that demonstrated best value for our client.
“The transaction achieved demonstrable best value for our client, meeting the governance and due-diligence requirements of a publicly listed healthcare company. The deal was managed efficiently through to completion, delivering capital back into the business.”
Kevin McGurk, group treasury manager at Spire Healthcare Group, added: “Vail Williams managed the disposal of Regents Gate through a thorough and well-structured process. Andrew, Guy and the team communicated clearly with us throughout and the transaction was executed efficiently and professionally. It was a pleasure working with them and we were very pleased with the outcome achieved.”
The buyer was represented by Hurst Warne.
