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READING:UK The magazine for business in Reading
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READING’S PREMIER OFFICE LOCATION UP TO 370,000 SQFT AVAILABLE The benefits of London without the overheads and hassle
Make Reading your next move Tailored support to help your move to Reading The smart route to practical information on living and working in Reading Reading UK CIC, the economic development company for Reading, provides services for businesses, developers and investors.
Contact:
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Tel: 0118 937 4340
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Email: sue@livingreading.co.uk
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All enquiries
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Development by
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editorial director: Siobhán Crozier Deputy editor: Maria Shahid Head of design: Rachael Schofield Design: Smallfury chief reporter: James Wood business development director: Paul Gussar business development manager: Chris Joyce Office manager: Sue Mapara subscriptions manager: Simon Maxwell Managing director: Toby Fox COVER IMAGE: Salvo Toscano Photography / Jelly. IMAGES: Assael Architecture, David Tothill, Balfour Beatty, Barton Willmore, The Business Magazine, Reading Buses, Dawsons Music, Adrienne Henry Millinery, Victoria’s Secret, eclectic games / Pixel Beach, Artigiano, Reading UK CIC, Martin Sandford / 2squareimage.com, Crest Nicholson, University of Reading, Peter Spurrier / Intersport Images, ©2015 Rio Tinto, Heathrow Airport, Microsoft, Oxford Properties / Green Park, Tony MacLean, ConnectTVT, Abbey Gardens, M&G Real Estate, Stanhope, Boultbee Brooks, Winnersh Triangle, Thames Valley Park / thamesvalleypark.com, Green Park, Jim Stephenson for Network Rail, Weston Williamson+Partners, Cavfest 2015 / Salvo Toscano Photography, Sub89, Phillip Tull Printed by: Bishops Printers Published by: 3foxinternational.com in partnership: Reading UK CIC (The economic development company for Reading) The Library Building Abbey Square Reading RG1 3BQ livingreading.co.uk EXECUTIVE DIRECTOR: Nigel Horton-Baker Reading UK CIC 0118 937 4339 Subscriptions and feedback: readingukmagazine.com © 3Fox International Limited 2015. All material is strictly copyright and all rights are reserved. Reproduction in whole or in part without the written p ermission of 3Fox International Limited is strictly forbidden. The greatest care has been taken to ensure the accuracy of information in this magazine at time of going to press, but we accept no responsibility for omissions or errors. The views expressed in this m agazine are not necessarily those of 3Fox International Limited.
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contents 09 News
44 Markets
14 Town centre
46 Market review
All the latest on development and regeneration in Reading.
Improved retail options, new restaurants and bars, and performance space – Reading is changing.
22 Lifestyle: rowing
With a world-class training venue and a fabulous stretch of the River Thames, Reading’s rowing credentials are second to none.
25 Relocators
A vibrant city centre, great connectivity and quality premises combine to make Reading a magnet for global companies.
34 Map
What is happening – and where?
37 Commercial space What is available for businesses looking to relocate?
The town’s economic advantages, in numbers.
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A healthy economy has helped to create a property market that is a focal point in the Thames Valley.
49 Connectivity
What transport and infrastructure improvements are in the pipeline for Reading?
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52 Culture
With a Year of Culture in the offing, and theatre, art and music venues galore, Reading has plenty to offer.
56 Reading
international
We talk to the university’s pro-vice-chancellor for global engagement, Enzo Raimo, about his plans to build on its premier league international status.
READING:UK The magazine for business in Reading
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WE’RE READY TO GET YOUR BUSINESS MOVING You’re in business and so are we – the business of growth, jobs and innovation in the Thames Valley. To thrive and grow, businesses must research and develop; invest in local talent while maintaining a global outlook; offer products and services that move with the times and look to the future.
And now, we are investing £50 million in the creation of the Thames Valley Science Park, to open in 2017. Here forward-thinking, innovation-led and knowledge-based businesses can locate to grow and develop.
We’re in the top 1% of universities worldwide. We have hundreds of world-leading academics tackling the planet’s biggest challenges.
We know that you want to work with an institution that understands your specific needs. The University of Reading gives you a partnership with our people at the cutting edge of research, grounded in commercial reality and focused on helping your business to keep pace with change.
We generate £650 million a year for the local economy and work with scores of firms across the region. We’re already home to over 80 start-up companies and entrepreneurs. We’re also home to the world-renowned Henley Business School; our new state-ofthe-art campus opened in Malaysia this year. We host the flagship Institute of Environmental Analytics, translating progressive research into commercial solutions.
FOR MORE INFORMATION visit reading.ac.uk/workingwithbusiness
Reading News Scheme approved
Carrigmay Developments has been granted planning permission to demolish King’s Point in Reading and replace it with a 19-storey residential building. The scheme on King’s Road will include 109 flats, with
council lobbies MoJ on prison Inertia on the future of the Reading Prison site has provoked trenchant criticism from Reading Borough Council. Deputy leader, Councillor Tony Page, has written twice to the secretary of state for justice, Michael Gove MP, to record his council’s views on the absence of a timeframe for disposal of the site, but has yet to receive a response. The Ministry of Justice announced closure on 4 September 2013 and the prison shut in December 2013. “We had hoped that rapid decommissioning would be followed by swift development,” said Page. “Instead, the inaction is disgraceful – the government spends at least £25,000 per month on mothballing the buildings.”
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43 one-bedroom, 53 two-bedroom and 12 three-bedroom homes. Shops and parking on the lower storey and two basement levels are also features of the project. Assael is the architect for the scheme.
The council secured support from the Heritage Lottery Fund to enable it to apply for a grant of £1.7 million to invest in the historic Abbey Quarter, to which it will add a further million. “My real concern is that as any decision on the prison drags on, opportunities will be lost for a scheme to dovetail in development with the wider Abbey Quarter site. Through this scheme, we will make good and safe the Abbey Ruins, improve the educational and tourist offer in the area around Forbury Gardens – and would like to include the prison,” said Page, adding that the authority has no blueprint for development of the prison site. “As a listed building, partially on consecrated ground, above a
scheduled ancient monument, planning constraints on the prison are enormous and it will be difficult to develop. But the potential for bringing in the prison site to the wider Abbey Quarter site is substantial and we want to see it exploited.” The council’s draft outline development framework, published in February 2014, was adopted as supplementary planning guidance in March 2015. “We have published the most detailed framework for any of the prisons that have been closed,” Page said. “We’re up for the challenge; we’ve given examples of possible future uses – and we’re continuing to lobby ministers and officials at every opportunity.”
Planning consent has been given for a 19-storey, residential building on King’s Road, creating 109 new flats.
READING:UK The magazine for business in Reading
news updates at readingukmagazine.com/news
revealing the abbey An archaeological research scheme has been launched to further develop understanding of Reading Abbey, which once dominated the heart of the town. Part of the investigation will involve a radar survey, to reveal the extent of the foundations and increase knowledge of the abbey’s size, plan and architecture. The Reading Prison site sits over the eastern part of the original abbey. The Hidden Abbey Project is supported by Historic England (formerly English Heritage), Reading Borough Council, the University of Reading, Berkshire Archaeology and the Catholic Diocese of Portsmouth – the owner of a significant part of the site, including the likely burial place of Henry I. The investigations are expected to cost £40,000, a sum which will need to be raised. Exclusive access is granted to Channel 4 and Darlow Smithson Productions, to follow progress of the project.
Bridging the gap
The Hidden Abbey Project will develop a deeper understanding of Reading Abbey. A new cycle and pedestrian bridge will link Caversham to Reading in September 2015.
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A cycle and pedestrian bridge linking Caversham to Reading town centre is due for completion in September 2015. The remaining eight steel sections of the 120-metrelong bridge, with a 68-metre span over the River Thames, were put in place in July. Reading’s pedestrian and cycle bridge will be located to the east of Fry’s Island, between the existing Caversham and Reading Bridges. It will provide a route for pedestrians and cyclists from Caversham into the town centre, and to and from Reading station. To deliver the bridge, Reading Council’s bid to the Local Sustainable Transport Fund was successful.
Reading twins with Texas city
Apex Plaza sold Insurance company Legal and General has purchased the Apex Plaza building in Reading from M&G Real Estates for around £91.5 million. The building is let to 18 tenants, including Barclays, Shoosmiths law firm and HSBC, and is located next to Reading station. The current rent is estimated around £26.13 per sq ft.
Reading UK CIC, the economic development company for the town, has entered into a business twinning agreement with Richardson, a city in the American state of Texas. The city is known as a “telecom corridor” – home to major names including Verizon, Rockwell Collins and Cisco – all international companies that have also chosen Reading as a European base. A Memorandum of Understanding was signed in June between Reading and Richardson, which is “a commitment by both places to share knowledge and grow business on both sides of the Atlantic”. Nigel Horton-Baker, executive director of Reading UK CIC, said: “This is the start of an exciting project to develop a close business partnership with Richardson, that has the potential to bring significant benefits to our economy and businesses based in Reading.”
New goals for training camp Planning permission is in place for a new Reading FC training facility at the Bearwood Park Estate in Wokingham. The architect, Barton Willmore, has released impressions of the camp, which will see the club move from its current base at Hogwood Park.
Development work is imminent and some of the facilities at the site, located on a Grade II-listed estate, are due to open next summer. The club purchased the 8.1 hectares of land from the Royal Merchant Navy School Foundation to develop
the camp in October 2013. The proposals include 13 football pitches of different sizes, including three full-sized first-team pitches, designed to mirror the exact dimensions of the pitch at the club’s Madejski Stadium, as well as a floodlit all-weather surface and two
goalkeeping practice areas. Reading FC’s chief executive, Nigel Howe, said: “We’ve been working on this for a couple of years, not including the years we spent looking for the right site, so to have planning permission is an incredible result.”
on the buses Reading Buses has launched its new £4 million fleet. The vehicles are low emission, fitted with the cleanest diesel engine on the market and will serve the south of Reading. They also feature USB charging ports and customers are able to use 4G Wi-Fi. Martijn Gilbert, Reading Buses chief executive, said: “The buses are the first in the fleet to offer USB charging points. In addition they are the first buses in the country to be fitted with the new high-spec Italian designer seats.” Reading Buses also broke the record for being the world’s fastest, after they clocked more than 80mph in a record-breaking attempt on a test track near Bedford.
Gongs for Reading Reading has been named as the town of the year at the Thames Valley Property Awards. The gong was presented to the town’s economic development company Reading UK CIC and Reading Borough Council at Ascot Racecourse in May. Several Reading developments and organisations also triumphed at the awards, including Lambert Smith Hampton, which won ‘commercial property consultant of the year’ and an ‘outstanding contribution’ award, given to the company’s head of Thames Valley, Nick Coote. Elsewhere, Green Park won ‘business park of the year’, urban design company Barton Willmore won ‘best workplace environment’, while Landid and Brockton Capital’s One Valpy won ‘development of the year’.
A new training camp for Reading FC has been granted planning permission, while Reading has been named town of the year. A new £4 million bus fleet has been launched.
READING:UK The magazine for business in Reading
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With demolition nearing completion, a new chapter for Reading is another step closer. A new home for you or your business, Station Hill is where everything changes. A sustained commitment to regeneration means Reading is blossoming. And we’re at the heart of the town’s future. A fullymanaged estate in a contemporary urban setting, Station Hill will be a new concept in working, shopping and living. stationhillreading.co.uk
A development by:
changing town centre
forever changes
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A resurgent nightlife, improved retail options, a growing cafe scene and real ale and craft beer in abundance, are just some of the reasons why Reading is changing for the better. James Wood finds out more
W
ith residential development flourishing and office schemes springing up around Reading’s rejuvenated station, the town’s economy is in rude health. Suits on the streets, affluent new residents attracted by the housing offer (see panel on page 19) and the improved connectivity to central London are bringing both spending power and enthusiasm to explore the town’s broad variety of shops, restaurants, bars and popular events. For most keen shoppers, a town which can provide a decent combination of chain retailers and independent
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In Reading: guitars at Dawsons Music, hats at Adrienne Henry Millinery, soon-to-open lingerie boutique – Victoria’s Secret – and board games at Eclectic Games.
stores is an ideal destination, and Reading provides this mix for people in the town and those from the wider area. The multi-award-winning centre, The Oracle, which opened in 1999, fronts on to Broad Street. It includes a range of big-name chains, the latest of which – luxury underwear brand, Victoria’s Secret – is due to open an 836sq m shop in the autumn. Such prestige occupiers can be found alongside department stores including John Lewis, Debenhams and House of Fraser. Throughout the town, new openings are a constant feature of Reading’s ever-changing retail scene, with 14 completed deals in the town in the first quarter of 2015. Broad Street Mall was also sold for £61 READING:UK The magazine for business in Reading
changing town centre
New Reading restaurant Artigiano – which operates as both a cafe and a cocktail bar – has proved a hit. The Oracle mall is a draw for shoppers in Reading’s centre.
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million to Moorgarth Holdings and Texton Property Fund earlier in 2015. In addition, a Primark is set to take the place of BHS on Broad Street in 2016. But it is at the Harris Arcade where unusual stores and a vintage feel bring diversity and quirkiness to the town’s retail offer. Based in the town since the early 1930s, it features a range of distinctive, independent stores, and close proximity to the station has always ensured large numbers visit and new customers keep arriving. Despite redevelopment over the years, the centre’s frontage has remained relatively unchanged and aspects of its history are noteworthy: it once accommodated Sally’s Café – a regular haunt for The Rolling Stones in the 1960s. Inside, a traditional Chinese medicine clinic operates, run by a holistic doctor who has practiced for around 30 years. Dr Kang provides patients with acupuncture, herbal medicine and Chinese massages. With the re-emerging popularity of vinyl, The Sound Machine’s wide range of stock attracts brisk trade. The store is staffed by a team of half a dozen or so and the owner travels the country buying new collections, meaning there is always a fresh variety of blues, jazz, ska and reggae available. The shop has traded for 20 years and also sells CDs. For food and drink, craft beer produced by Berkshire breweries and cheeses from British farms can be found at The Grumpy Goat. Other retailers at the arcade include a bootmaker, a recycled clothing retailer, a tattoo parlour, a collector’s centre, a jeweller, a wedding design shop and bespoke hat shop Adrienne Henry Millinery. Independents can also be found throughout Reading, such as upmarket, family-run jewellers, Jacobs, and the town’s only dedicated board games
“It is at the Harris Arcade where unusual stores and a vintage feel bring diversity” shop, also the Reading Retailer of the Year 2014, Eclectic Games, which sells over 1,500 board games and has revealed plans to work with inventors and designers to deliver new educational games to UK schools. Budding or established musicians are well served – Hickies music store is Reading’s oldest musical instrument retailer, established in 1864. Dawsons has its own music school in its huge premises, while all things musical and second-hand are traded at Music Man. Fiona Brownfoot, retail director at Hicks Baker, noted the strength of Reading’s cafe and restaurant offer, referencing a survey of the top 200 regional centres by PROMIS, which placed Reading third (Retail Market Commentary Q2 2015). Like the rest of the country, the town has embraced cafe culture. There are a range of coffee shops, including glutenfree cafe, Nibsy’s, serving award-winning coffee, cakes, sandwiches and quiches. It joins the Workhouse Coffee Company and Picnic Cafe in having almost unanimous praise on the consumer reviews website, TripAdvisor. The town’s so-called Coffee Corner features seven cafes within 700sq m, with a mix of chains and independents. New food and drink options include Argentinian restaurant Cau at The Oracle and Artigiano in Broad Street.
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READING:UK The magazine for business in Reading
changing town centre The latter operates as a cafe by day and a European-style bar by night. Other openings include the Coconut Bar and Kitchen in St Mary’s Butts, which serves south-east Asian cuisine and has a menu of more than 50 cocktails; Lebanese restaurant La Courbe, and on Castle Street, an American-style bar and kitchen, RYND, which specialises in lobster. More chain eateries will soon move to Reading too, with TGI Friday’s due to take space in the town centre and Itsu due to open one of its only branches outside London, as Reading:UK went to press. The town’s high-end establishments, such as the London Street Brasserie – which has Michelin recognition – and L’Ortolan, which retained its Michelin star in 2014, both consistently receive rave reviews. Thai food lovers are in for a pleasant surprise at The Bali Lounge, formerly the Warwick Pub, on King’s Road, with word of mouth spreading about the quality of its curries. For more traditional fare, The Fisherman’s Cottage along
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“Markets are another big draw. CHOW began in April and attracts the office crowd every Friday” the riverside has had a recent makeover and serves real ale and traditional pub food. Also by the river, Bel & The Dragon features a floating venue called The Majestic Bel, which has a retractable roof and holds up to 60 people for corporate functions and parties. The restaurant and bar is licensed for wedding ceremonies and is renowned for its high-end take on British pub food, using sustainable, locally-sourced ingredients. Its open kitchen allows diners to watch the chefs at work, and also on offer is a cocktail masterclass. The range of craft beer and real ale has arguably never been wider in the UK, with microbreweries popping up everywhere and Reading is no exception to this trend. As well as The Grumpy Goat, Pavlov’s Dog is a popular haunt and reopened in February following a refurbishment programme. It now opens daily from 8am with the pub functioning as a coffee shop in the morning, serving hot drinks, snacks and pastries to eat in or take-away. The venue is ahead of the game in offering free facilities for those rushing between meetings: broadband, complimentary printing and USB ports. There is even a range of phone chargers behind the bar. Other Reading pubs respected by real ale aficionados include the Ale House, Castle Tap, Allied Arms and Zero Degrees. Meanwhile, the new landlords at The Retreat invite patrons to take part in ukulele lessons while supping on a local brew. To the west of the town is The Nag’s Head, which
Reading has a range of excellent markets, selling street food and produce. CHOW operates on Fridays and the Eat Reading festival takes place in June.
has won numerous awards for the quality of its beer. Markets are another big draw. For street food, CHOW began in April 2015, and attracts the office crowd every Friday between 11am and 4pm in the town’s Market Place. Among the 20 or so street food stalls are Mexican tacos, Caribbean jerk chicken, Greek wraps, sushi, Spanish paella and English pie and mash, as well as Middle Eastern vegetarian options. For annual food and drink events, the Eat Reading festival is popular, and has taken place in June for the last six years. In 2015, three weekends of food included a “Big Lunch” event, with over 35 food stalls, a giant dining table and a street food festival offering cuisines as diverse as Eritrean vegan dishes, ćevapčići (a type of skinless sausage) from the Balkans, Vietnamese pho and German frankfurters at Oh My Dog!. Eat Reading also launched the first Reading Chilli Festival in the town centre. With its big student population and history of live music, Reading also has a lot to offer after dark. Its longest-standing independent bar, the Purple Turtle, was founded by Greg Muden and Danny Fraifeld – known in the town for playing in various bands – who set it up on Duke Street in 1990. It remains one of the town’s most popular haunts. Having moved to Gun Street in 1997 because of the development of The Oracle shopping centre, the Purple Turtle has continued to broaden the range of its events. The venue marked its 25th anniversary in 2015 with a £1 million makeover, as well as 25 events during the course of January 2015. Popular events at the Purple Turtle include BBC Introducing sessions – performances from up-and-coming
House proud New homes are coming to Reading, appealing to those seeking town centre living, easy access to London and a range of different tenures. A number of developments have seen offices being converted to residential properties. Developer Crest Nicholson successfully converted a run-down 1960s office block into apartments. The 10-storey Kennet House town centre scheme includes 103 homes, a mixture of studios, as well as one, two and three-bedroom apartments and penthouses. The properties were available for rent and shared ownership. Proposals have also been mooted to see former office block Garrard House redeveloped into a mixture of one and two-bedroom penthouse flats. The application is in a public consultation period, and anyone interested can submit views on the proposed development. Reading Council has also approved plans to redevelop King’s Point, a building that has lain derelict and empty in the town centre for some years and is regarded by many as an eyesore. The proposed building rises to 17 storeys at its highest point, with flats on the upper floors, and retail as well as car parking on the ground floor and below.
The Purple Turtle marks its 25th anniversary in 2015. It is one of Reading’s most popular and enduring night-time venues and features live music, DJs and standup comedy.
Muse Development’s Chatham Square town centre scheme is being delivered in two phases. Two residential blocks were delivered as part of the first phase, featuring 96 homes and 211 apartments. Work is under way on the scheme’s £35 million second phase, comprising 184 one, two and three-bed apartments in two residential buildings of nine and 19 storeys, which were reported to be selling fast as Reading:UK went to press.
READING:UK The magazine for business in Reading
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changing town centre
Reading’s nightlife venues include the Oakford Social Club for live bands, and others such as Sub89 and openmic at the town’s Global Cafe.
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musicians – and what the organiser claims is the longest running drum and bass night in Berkshire. Comedy nights are another more recent component at the venue. Lucas Jolson started the nights in October 2014 after “seeing a gap in the market”. Jolson explains that he was “surprised that they didn’t already run a comedy night”, and as a stand-up artist himself, had connections to a lot of performers in and outside of the town and was able to promise the venue nights with an emphasis on quality. Taking place on the last Wednesday of every month, it has featured established acts such as Iain Stirling – BAFTA nominated for presenting The dog ate my homework, described as “CBBC’s answer to Mock the Week” – as well as Mark Dolan, who presented Channel 4’s Balls of Steel. Jolson tries to book one local Reading act per event. Live music venues feature elsewhere in Reading, at places such as Sub89 and the Oakford Social Club, which hosts bands, singers and DJs, the latter of which can also be found at cocktail nightclub, The Mix Bar. For open mic nights
there’s the Reading International Solidarity Centre’s Global Cafe, which also features a variety of different musical genres and performances from across the world. And artistic performance and food festivals now have the potential to stretch beyond the bars and clubs. At Station Hill, a £500 million regeneration scheme is driving the transformation of the area around the town centre station, with offices, retail and residential elements being developed by joint venture partners Benson Elliot and Stanhope. The scheme’s open area directly in front of the station will be developed as a new event space for Reading with ideas mooted including markets, open-air cinema, live music, community events and theatre. One initiative of economic development company, Reading UK CIC’s BID (Business Improvement District), was a series of open-air theatre performances, programmed by SITELINES, which brought quirky plays to the town centre in May and June. A longer-term strategy for improvements to the town is being developed by Barton Willmore, Reading UK CIC and the University of Reading, in collaboration with a wide range of other stakeholders. A series of Reading 2050 workshops have taken place to determine economically viable goals for Reading up until the year 2050. Tapping into historical industrial ties and the riverfront are cited as desirable factors for creating a smart and sustainable Reading in the future. But it is present developments that stand out. Reading’s changes are facilitating opportunities for everyone: whether you’re an office worker seeking a quick coffee, a local or visitor looking to relax with a pint by the riverside, or a shopper in search of the mainstream or eclectic.
+ A headquarters office building of 101,000 sq ft (9,400 sq m) + Grade A specification + Large floorplates of up to 19,257 sq ft (1,789 sq m) + Opposite Reading station + Roof terraces with wild flower gardens
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RPLUSREADING.COM Watch the video at rplusreading.com/video
Lifestyle: rowing
let the river run
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With a fabulous stretch of the River Thames at their disposal, Reading’s rowing clubs enjoy enthusiastic support in the area. Lucy Purdy looks at what’s on offer and who makes use of it
E
arly morning and late evenings bring the best conditions, says Jack Casserley, captain of Reading Rowing Club. “We are extremely fortunate to row on a beautiful, six kilometrelong stretch of water, where a quiet spot can always be found to practice technical drills, even on the windiest of days,” he adds. Its 350 members flock to the club, particularly in the summer months, to make the most of time on the water. The club has an impressive fleet of rowing boats and a large clubhouse – thanks to support from Reading Borough Council – enabling it to cater for all ages and abilities, ranging from those gingerly taking their first strokes to rowers seeking selection for the GB squad.
And those that do manage to get into the national squad won’t have far to go. The GB Rowing Team has its national training base at Caversham Lakes, on the outskirts of Reading, north of the river. “The venue offers one of the best training facilities in the world,” says Caroline Searle, spokeswoman for the team, pointing to the 2,000m training lake and adjacent smartly designed gym and boathouses. “We have been based here since early 2006 and the performance benefit is very significant for us,” she adds. The University of Reading too has a long tradition of rowing at Caversham. The boat club there was established in 1903. “Our students still benefit from training and racing on
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a long, uninterrupted stretch of river going all the way to Mapledurham Lock and a fantastic boathouse located by Caversham Bridge,” says Iain Akhurst, sport and recreation director at the university. “Studying and rowing at the University of Reading means not only convenient and great facilities, but also being located next to the GB Performance Centre at Caversham Lake and the famous Henley Royal Regatta. Dorney Lake at Windsor is close by and Reading is an ideal location for travelling to the tidal section of the Thames for the famous Head of the River races.” Great facilities in such an enviable location have helped Reading to become one of the top universities for rowing. It saw seven alumni and three current students make the GB Rowing Team in London 2012, winning two gold and two bronze medals. Sam Townsend, who is a 2012 Olympian and University of Reading alumnus, coaches at the University Boat Club. His sights are now set high: he says he hopes a strong University of Reading contingent will be selected for the GB Rowing Team in the Rio Olympics in 2016. READING:UK The magazine for business in Reading
McKay Securities PLC is a Reading-based commercial property investment company with Real Estate Investment Trust (REIT) status. It specialises in the provision of office and industrial business space for local, regional and international companies in the South East and London.
For further details please contact: Simon Perkins Managing Director E scp@mckaysecurities.plc.uk Steven Mew Portfolio Director E srm@mckaysecurities.plc.uk T 0118 950 2333
McKay has established a long track record of developing and refurbishing high quality and innovative properties and has a portfolio valued in excess of ÂŁ350 million with over 270 tenants.
McKay is keen to work with new tenants to deliver occupational solutions either in existing portfolio properties available to let or in new schemes that it is working on in Reading and elsewhere in the South East.
mckaysecurities.plc.uk
magnetic field Recognised as a growth leader in the UK office investment market, Reading’s buzzing city centre, excellent connectivity and quality premises combine to make it a hotspot for international investors, UK relocators and entrepreneurs, as Lucy Purdy reports
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A
s investors know too well, the market guarantees change. This applies neatly to the UK office market, as shifts in technology and infrastructure, as well as emerging social and economic patterns, have signaled rapid transformation. New locations are now desirable, while others have fallen from favour. JLL’s report The New Geography of Office Demand: where next in the UK? evaluates Reading’s leading role in this new landscape: one rich with investment opportunities.
Angus Minford, director for south-east office investment at JLL, says: “Reading is already a core market in the Western Corridor and has shown strong economic growth, which has translated to a strong recovery in the office market. The town has a well-established centre and out-of-town market with excellent transport links.” He predicts annual rental growth of almost 4.5% to 2019. This strong forecast has given investors confidence and the town is a focal point for speculative development. “We’re currently seeing the transformation of the town READING:UK The magazine for business in Reading
Relocators
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centre, with 2,300,000sq ft of office development changing the economy of Reading,” says Nigel Horton-Baker, chief executive of Reading UK CIC. “This is all happening within 500 metres of the station and it is having a huge impact on what Reading looks like.” Horton-Baker adds that those relocating to the town are a diverse mix of companies, coming from various sectors – technology, media and telecoms, and recruitment. One of the strongest of these is the digital technology sector – which is thriving, despite a challenging market – and becoming pivotal to the UK economy. Nationally, 1.5 million people are employed in this sector, 74% of whom are based outside of London. Reading – along with Bristol and Bath, Greater Manchester and Leeds – is one of the biggest centres of employment. At around 19%, the proportion of tech enterprises in Reading is three times the national average, according to KPMG; the greatest concentration clustered along the silicon alleys of the M3, M4 and M25 motorways, with access to Heathrow and Gatwick airports also cited by KPMG as a vital pull factor. DataSift – in Reading for eight years – is a leader in ‘human data intelligence’. CEO Nick Halstead is founder of the TweetMeme, which invented the Retweet button. “Long before Silicon Valley, there was the Thames Valley!” he declares. “Reading is well connected by road and train – and will be part of Crossrail – but without the high costs of office space in London. Plus, thanks to the likes of Oracle and Symantec calling Reading home, there is a very large skilled workforce and talent pool.” The company uses a range of online tools to communicate with colleagues elsewhere in the UK and around the world and, as Halstead points out, Reading is very well placed for access to London, as well as the rest of the world, with Heathrow a mere 40 minutes away by car. DataSift has a good relationship with the University of Reading too, not just making recruitment a smoother process, but placing international-level talent nearby. Halstead says: “Our close links with the university mean that we’re well connected to the next generation of stars and are able to recruit them into our business, which keeps us fresh and creative.” So what does the future hold? “DataSift has benefited hugely from being located in Reading and in the very near future we will be expanding into new offices and creating new jobs,” says Halstead, “We’re also keen to enhance our relationship with the university and explore different ways of working together.” New kids on the Reading block don’t come much more international than British-Australian multinational metals and mining corporation, Rio Tinto. The company now has an office in Reading, a base for 16 members of its exploration team. These employees are responsible for discovering and acquiring new minerals for the Rio Tinto Group, the world’s second largest mining company, operating in 40 countries and headquartered in London. The Reading contingent provides management and
World-class operations are being drawn by Reading’s magnetic pull – Rio Tinto is one of the global players which has set up a base in the town.
“Reading is wellconnected by road and train – and will be part of Crossrail”
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Reading’s global companies Reading is home to 13 of the world’s top 30 brands. Microsoft, Symantec, BG Group, Oracle Corporation, Cisco, Prudential, Amec Foster Wheeler and Verizon all have offices in Reading. PepsiCo move to Green Park in September 2015.
Mabey Group was the first occupier in Landid and Brockton Capital’s One Valpy.
A place to think – global brand Microsoft is based at Thames Valley Park where employees benefit from a highquality environment in which to work.
Other Reading employers Ultima Business Solutions, Fairsail, Blandy & Blandy, DataSift, Nathaniel Lichfield & Partners, Rio Tinto, Regus, Websense, ConnectTVT.
READING:UK The magazine for business in Reading
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support for the team in Europe, Africa and parts of Asia, and also acts as a base for colleagues visiting from around the world. Ken Tainton, exploration director at Rio Tinto, said: “We chose Reading as the new base for our UK staff because it is a cost-effective location with excellent links to London and Heathrow. It also offers our staff great facilities, shorter commutes and a high quality of life.” Where Rio Tinto and many others have led, more seem set to follow. Reading was ranked among the top 10 European business cities of the future for foreign direct investment in a biannual report produced by the Financial Times. The town ranked 10th overall in the fDi Cities of the Future 2014 awards, and fourth in the UK and Ireland. Newcomers join a close-knit, established business community in Reading and its environs, made up of companies such as Blandy & Blandy Solicitors, established in 1733 and thought to be the oldest law firm in Reading. Philip D’Arcy, joint managing partner, says: “As Reading has evolved and expanded, so has our firm. Our two offices, in Friar Street and Blagrave Street, provide excellent transport links for colleagues and clients alike, access to superb facilities and amenities and a location in and among a large number of leading firms and organisations with whom we work. “As a hub, Reading is arguably unrivalled. It offers excellent access to London and the south, as well as all other areas of the UK. The town’s infrastructure and offering are rapidly evolving, making it a credible and desirable alternative to London, as evidenced by the large number of multinational and major organisations based in and around Reading.” Nathaniel Lichfield & Partners has been going for more than 50 years, providing town planning, design and economic services to a range of private and public sector clients. As Daniel Lampard, senior director and head of the company’s Thames Valley office, explains, the company opened its Reading office in January this year, after a long history of working in the area. “It is one of three new offices we have opened in the last 12 months, along with Bristol and Edinburgh. We have gone from having five to eight offices within six months. We have always serviced the Thames Valley region from London and decided around 18 months ago that there is a significant opportunity for our services in Reading and the Thames Valley. A lot of infrastructure improvements are taking place: Crossrail, the electrification of the West Coast Line, and the Oxford Parkway to London service. “Connectivity is very good. It can be seen as a doubleedged sword, because Reading is so close to London, there is always a risk that staff in Reading will be attracted by the bright lights, but there is a balance to this. In terms of recruitment, we have found that Reading and the Thames Valley hold a real attraction for people too, and for families in particular. It is a very family-friendly area.” The London Evening Standard recognised Reading’s improved stature in a recent property guide, noting
Green Park has attracted Quintiles from Bracknell, PepsiCo from Theale and Huawei from Basingstoke – many relocators are moving to Reading from within the Thames Valley.
“We have found that Reading and the Thames Valley hold a real attraction for people too, and for families in particular. It is a very familyfriendly area” that: “Reading used to be all about the three Bs – beer, biscuits and bulbs,” but that “now the town is focused on C for Crossrail.” So how easy is it to sell Reading to potential candidates – and is it more attractive now than five or 10 years ago? Rory Carson is director of asset management at Oxford Properties Group and responsible for the dayto-day management of Green Park: a 79-ha business community. His role is to ensure that Green Park delivers on its promise of being a destination where businesses will ‘discover better’. This involves the overall management and
Blandy & Blandy For Philip D’Arcy, joint managing partner at solicitors Blandy & Blandy, it makes as much sense to be based in Reading now, as at any point in the firm’s 282-year history.
Long pedigree – Blandy & Blandy is possibly the town’s oldest law firm, established in Reading since 1733.
alongside competitors and partners. Reading’s links to London and the availability of good quality office space provides a mature market that has seen organisations both grow and relocate into the area.” He notes that tenants on the park include Quintiles, PepsiCo and Huawei which moved from Bracknell, Theale and Basingstoke respectively; they all occupy buildings of over 100,000 sq ft. “There is also a sizeable cluster of smaller and fastgrowing entrepreneurial businesses,” Carson adds. The latest relocator, marketing operations agency CRM Technologies, has moved from Basingstoke to Green Park, taking two offices at 100 Longwater Avenue, where it will employ around 40 people initially. CEO Andrew Freeman says: “Our relocation is part of our continued five-year expansion plan. The role of marketing is seeing exponential change and growth and we are ideally placed to meet the needs of businesses seeking to transform their organisations through marketing and sales alignment. Our relocation not only allows us to cater for our rapidly expanding team but makes us even more accessible for our diverse client base.” So why are such businesses drawn to Reading? How does the area meet their needs? “Reading and Green Park is well suited to international corporate businesses given its established commercial environment, talent pool and recently redeveloped railway station,” explains Carson. With five new platforms and four new through
“The local workforce is one of the most highly educated and productive in the country, making the area a great place for businesses of all types whether startups, overseas businesses investing in the UK or firms relocating from elsewhere in the country,” says D’Arcy. “Reading deserves to be a city and no doubt, will be in the not too distant future. “We are proud of our longstanding commitment to the town and wider Thames Valley region. Having opened a new second office in Blagrave Street earlier this year, the firm continues to grow and strengthen its offering.”
running of office space, engagement with potential and existing tenants, and the strategy and masterplanning of the consents Green Park has for a further 1,000,000sq ft. The 10-strong Green Park management team works closely with joint leasing agents DTZ, Cushman & Wakefield and Campbell Gordon. Carson says: “The Thames Valley and Reading has a large number of occupiers in the telecommunications, media and technology sector, as well as the pharma sector. The area is attractive as it provides access to talent and communications – rail, road and air – as well as being READING:UK The magazine for business in Reading
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Relocators
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Nathaniel Lichfield & Partners The sense of community among businesses in Reading and the region is a huge boon, explains Daniel Lampard, senior director and head of Nathaniel Lichfield & Partners’ Thames Valley office. “Our arrival has been very well received,” he said. “We are involved in a wide range of projects locally, including a number of housebuilding schemes. There is a very vibrant atmosphere and a great deal of optimism about the potential for the economy, for growth and development, something very evident when I spoke at the Thames Valley Futures Breakfast seminar hosted by the Thames Valley Property Forum. “Obviously Heathrow is at the forefront of people’s minds. If expansion goes ahead, it will bring significant economic development to the Thames Valley and there is a compelling economic case for that, which the government will need to give great weight to when considering all the factors.” When the company opened its Thames Valley office, Lampard relocated to Reading with his wife and their three children, aged eight, six and three. “It has been a fantastic move for us both professionally and personally,” he says. “It offers more space and a quite different lifestyle for us. I’ve worked in the area for 20 years anyway, but it’s great to live here now.”
The environment at Green Park lives up to its name (left). Reading Enterprise Centre (middle and bottom) is run by the University of Reading and is home to knowledgebased SMEs. ConnectTVT (right, both images) is based in a pop-up space in Green Park.
ConnectTVT Launched in June 2014, ConnectTVT aims to build and strengthen the “incredible” entrepreneurial talent, raising the profile of the innovation and startup sector in Reading and the wider Thames Valley region. Based in GROW@GreenPark, a pop-up, co-working space in Green Park, co-founder Louize Clarke and her team help startups develop, as well as uniting potential tech partners in the area. “We’re a startup ourselves, so we do everything on a shoestring,” explains Clarke. “We are funded out of our own pocket and some seed funding from the LEP [local enterprise partnership]. We sourced most of our furniture for free and do our own cleaning. We’re absolutely leading by example.”
platforms, Reading mainline railway station provides quick access to London, Bristol, Birmingham and south coast towns. Reading also has cross-country services that open up the north and south links. Its road network is also a draw, notes Carson, including three M4 motorway junctions serving the town, as is a “well-educated and well-trained population” and an “excellent amenity offer” that makes Reading a desirable place to live. So how does he predict future demand to take shape at Green Park? “Large corporate occupiers seeking offices in the Thames Valley are looking for options that increase the ability to attract, retain and maintain the wellbeing of their staff. This creates an environment to drive and grow a successful and productive organisation. We see Green Park continuing to attract these international businesses as it continues to increase its amenity offering and support services for occupiers.” The importance of Green Park in the wider Reading success story is also noted by KPMG in Tech Monitor 2014: “Perhaps one of the core factors pushing Reading to the top of the tech cluster ranking is the thriving and expanding Green Park business park, which continues to sustain the local STEM [science, technology, engineering and mathematics] skills base.” Richard Golding, international director of occupier services at global commercial real estate company DTZ explains Reading’s attractions in relation to London: “As companies see rentals in central London increase, there is a
Instead of trading on a heritage of large corporations, Reading needs to nurture its next generation of talent, says Clarke, and throw funding and focus behind innovation born in the region, as well as that coming from London or further afield. The startups ConnectTVT is currently working with include image polling app Pollpic, and app design and build consultancy Airbyte. “We’ve got a great heritage to build on, but we shouldn’t be complacent either,” says Clarke. “We’d like to see much more grassroots development.”
READING:UK The magazine for business in Reading
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Relocators
“Businesses choose to locate with us because we provide a very different approach to property”
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growing trend to challenge operational models and look to decentralise back office functions, or create support hubs to the core activities that need to remain in central London. “Evidence of this can be seen in the recent lettings in Reading to London-based occupiers Rio Tinto, Hammerson and H&M.” The University of Reading operates the Reading Enterprise Centre, a major space for knowledge-based SMEs, where workspace almost sells itself. Director David Gillham says: “Businesses choose to locate with us because we provide a very different approach to property: the opportunity for good quality space on flexible terms, to join a fantastic community of innovationled companies and to engage in the many beneficial relationships with the University of Reading from access to talent to knowledge exchange.” Following on from this success story, construction is
The University of Reading is developing the Thames Valley Science Park, following the success of Reading Enterprise Centre. The new business park will create space for knowledge economy startups.
due to start on the university’s Thames Valley Science Park, which will increase the space available for companies and allow the potential for those based in the enterprise centre to expand their space when necessary. Jim Duvall, membership manager at UKSPA, the body handling the planning, development and the creation of science parks, explains why this kind of set-up works so well in places like Reading: “Developments such as Thames Valley Science Park deliver not only the best quality office and laboratory space for high growth potential SMEs but also provide the environment that encourages collaboration and interaction with the university. “It is a perfect example of the support that the science park and innovation sector provides that delivers successful incubation, growth and support for SMEs.” From whichever angle you look, Reading and the surrounding area appears to gleam: a magnet for investment.
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commercial space: map
Map Reading
River Thames
Oxford Road
Find office space in Reading Major existing, under construction and planned office developments – see investinreading.co.uk for more details
Reading
Reading West
M4
A4 A4
Theale 06
A33
34 M4 01
M4
Madejski Stadium 02
Key Business Parks 01 Green Park 02 Reading International Business Park 03 Thames Valley Science Park 04 Thames Valley Park 05 Winnersh Triangle 06 Arlington Business Park 07 Suttons Business Park 08 Reading Enterprise Centre
Railway line Railway station Waterway
Offices 01 Reading Bridge House 02 Royal Mail Sorting Office (vacant possession in 2015) 03 Abbey Gardens 04 Forbury Place (opens this autumn) 05 The White Building (refurbishment) 06 One Valpy 07 Thames Tower (complete end 2016) 08 Station Hill (construction in 2016) 09 R+ (due to complete by end 2015) 10 9 Greyfriars Road (refurbishment) 11 One Reading Central 12 The Blade 13 Kings Reach 14 Aquis House 15 Abbey Gate 16 Phoenix House 17 Sapphire Plaza 18 3 Queens Road
By train
Caversham
London Paddington: 25 minutes Heathrow: 52 minutes
A4 04
A4
07
A329(M) A4
A3290 University of Reading
08
Winnersh Triangle A329(M)
Earley 05
Winnersh M4
Reading Town Centre A33 01 02 16
08
Reading 07
03
Oxford Road
10
11
04
09 14 06 03
The Oracle
12 13
18
05
Abbey Ruins 15 17
A329
A4
READING:UK The magazine for business in Reading
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Based in Reading for over eight decades, we can quite confidently say that we know the town inside out...we’ve helped shape the built environment that surrounds us today and mould many plans for Reading’s future growth and success. Find out more about our work in the Thames Valley area, and the Reading 2050 initiative at www.bartonwillmore.co.uk, or scan the QR code above.
occupier opportunities Town Centre
Abbey Gardens South Six floors of Abbey Gardens, with its views across Reading and the wider Thames Valley, are now available to let following its refurbishment. With large floorplates, and plenty of natural light, it offers 6,113sq m of Grade A office space, as a self-contained headquarters building or as individual floors. Each floor is approximately 950sq m, with the second floor already let to retail conduct risk experts, Huntswood. The refurbished building offers a new, efficient VRF heating and cooling system, raised floors, cycle storage for 33 bikes, showering and changing facilities, 70 car parking spaces, a target BREEAM rating of very good and an energy performance certificate of C.
Grade A office space is available at the refurbished Abbey Gardens South development, with the entire second floor already let to Huntswood.
Thames Tower Thames Tower, being redeveloped by Landid Property and Brockton Capital, will have an additional four floors when completed at the end of 2016, including a roof terrace. The four new floors will create an additional 16,722sq m of office space. The existing 11-storey block, originally built between 1972 and 1974, is to be stripped back to the frame and the floorplates
extended. The ground floor will see a double-storey entrance, 743sq m of restaurants, cafe and other facilities, with cycle spaces, and shower and changing facilities at the lower ground floor. The town centre building will be constructed to a very high category A standard, with the 1,300sq m floorplates available in a range of finishes and layouts. READING:UK The magazine for business in Reading
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commercial space
Forbury Place is split into three buildings and overlooks Forbury Gardens. Along with One Valpy, the scheme shows the range and quality of offices in Reading.
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Forbury Place Forbury Place, by M&G Real Estate and Bell Hammer, offers 34,374sq m with flexible floorplates of up to 2,415sq m in a town centre location. Of the three-building development, No. 1 and No. 2 Forbury Place will comprise over 33,950sq m of office headquarters, together with 450 parking spaces, double height receptions, central atria and terraces on upper floors overlooking historic Forbury Gardens. As Reading:UK went to press, CoStar confirmed the news that M&G Real Estate had let the entire eightstorey, 17,274sq m, No. 1 Forbury Place to energy company SSE. According to the property industry website, the deal is Reading town centre’s largest office letting in 25 years – and biggest in the Thames Valley for over a decade. No. 2 Forbury Place will offer 16,678sq m, over a ground and seven upper floors, also with a basement car park. It forms phase two at the western end of the site. Formerly One Reading Central, No. 3 Forbury Place will offer up to 10,962sq m of space, with a reception and landscaping, a ground floor cafe and improved parking. Current occupiers include PwC, BPP Holdings, Pegasystems and Hibu. Phase one started on-site in October 2013, and was planned to complete during late summer 2015 to launch in September.
One Valpy One Valpy is Landid’s modern redevelopment of an existing building to provide office space fit for a multitude of businesses, with ‘plug and play’ environments to suit both small startups as well as more established international businesses. Next to Forbury Gardens, the 5,698sq m One Valpy has a restaurant unit on the ground floor to act as a central hub, along with a creche, an enhanced concierge service, showers and cycle racks. Three of the seven floors of contemporary space have occupiers. Global engineers Mabey took the top floor last year, while marketing company Bullitt Group has recently taken a 10-year lease for part of the third floor. Rio Tinto has space on the fourth floor, leaving a total of 4,040sq m still available to rent. However, with two more definite occupiers in the pipeline, and a lot of interest in the scheme, Landid – backed by Brockton Capital for One Valpy – is confident it will be fully let by the end of 2015.
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Station Hill
9-27 Greyfriars Road This office building, three minutes walk from the redeveloped Reading station, is to be refurbished by early 2016, improving the external appearance and providing modern business space. Previous owner Hermes was granted planning permission to enhance the entrance and increase the office space, before the building was bought by McKay Securities for £5.8 million. Constructed in 1989
to a high specification, it totals 3,549sq m on the ground floor and three upper floors and benefits from 19 private car parking spaces and cycle storage. Once redeveloped, the proposed floor areas (subject to planning) are: reception – 107sq m; ground floor – 814sq m; first floor – 930sq m; second floor – 954sq m; and third floor – 794sq m. There will also be a new roof terrace.
The two-hectare urban centre scheme by Stanhope in partnership with Benson Elliot, and designed by Allies and Morrison, is the largest mixed-use development of its kind in the Thames Valley. Station Hill will include a mix of retail, Grade A offices, leisure uses and apartments, with roof terraces and new public areas. Designed to knit the different elements of the town together, it will also create a new pedestrian route and new covered shopping arcade. In total, the development will include 86,399sq m of offices, 13,935sq m of retail and 300 residential units, in four main buildings, arranged around a new public square facing the station. The first phase will be Building 1, a 20,101sq m mixeduse development, which will comprise retail units on the ground floor, and offices above with 1,300sq m floorplates. Demolition work is progressing and in July contractors, Scudder, hosted a demolition simulator outside the site as part of the ongoing redevelopment. A temporary public events space is expected to be delivered before the end of the year. Director at Stanhope, Jason Margrave, explained: “The space will be used to host community events and showcase local talent, offering Reading a taste of what is to come from Station Hill.” As Reading:UK went to press, the developers were working on a schedule for this major redevelopment. READING:UK The magazine for business in Reading
commercial space
Demand is high for bright, airy modern and flexible office space in Reading and is supplied by numerous developments across the town.
R+ Forming a gateway to Reading, the 9,400sq m R+, with six floors of office space, and an 180sq m reception area, is on track for completion at the end of 2015. The floorplates of the BREEAM excellent-rated building are up to 1,789sq m, with the upper two floors featuring 425sq m roof terraces, complete with wild flower gardens. Each floor is designed to be flexible, with floor to ceiling glazing making them light and airy. They feature high specification materials and finishes, a 2.7m ceiling height, raised floors and LED lighting. As well as 42 car parking spaces, R+ will have 68 bicycle bays and showering and changing facilities.
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The White Building A comprehensive refurbishment of Kings House by private property investment firm Boultbee Brooks that started in May 2015 will increase its available space to 7,800sq m from over 6,500sq m. Rebranded The White Building, the new Grade A office space will offer over 1,100sq m of unbroken floor plates, thanks to the relocation of the central core. The contemporary fit-out will include new floor to ceiling glazing, a roof terrace, new lifts, an excellent green rating and four times as many parking spaces as the average available office building in Reading town centre. Completion is scheduled for autumn 2016.
Business parks Winnersh Triangle Construction of ÂŁ27 million Grade A offices at Winnersh Triangle business park reached a major milestone in May, when the four-storey, 5,619sq m 1030 Eskdale Road topped out. This speculative development, being delivered by business park owner Patrizia in partnership with Wates Construction, is at the western end of the 34-ha business park, which provides a range of office, industrial, R&D and data centre accommodation. The building will complete in spring 2016. A number of businesses have expressed interest in taking space.
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Thames Valley Park Completed just over a decade ago, Thames Valley Park is an entrepreneurial hub for companies such as Oracle, BG Group, Microsoft, Computacenter, Open Text, and Websense, with other occupiers including Regus and Fujitsu, as well as a David Lloyd fitness centre and a creche. One building recently undergoing major refurbishment to bring the accommodation up to Grade A
standard is TVP2. With all-new mechanical and electrical systems, a remodelled reception area, and 164 car parking spaces, the first floor has been let to Baxter Storey and part of the ground floor to Jive Software. The whole second floor and part of the ground floor are available, and each floor can be sub-divided into self-contained suites ranging from 921sq m to 2,739sq m. The space is available through Savills.
READING:UK The magazine for business in Reading
commercial space
42 Big names such as PepsiCo are signing for space at the awardwinning Green Park development in Reading. The scheme features sports facilities and open space.
Green Park The 78-ha Green Park – complete with lakes, tennis courts, supermarkets, and restaurants – continues to attract new occupants. In July 2015, CRM Technologies – a marketing operations agency – relocated from Basingstoke to office space for entrepreneurial businesses on Longwater Avenue. CRM joins recent newcomer Britannia Pharmaceuticals, which in January took a 10-year lease on the 1,423sq m top floor of the 4,307sq m 200 Longwater Avenue, refurbished to a Grade A specification. Green Park is now 75% leased, helped by another big name, PepsiCo, which signed up for 9,755sq m in December, relocating its offices from Theale in September 2015.
“A reputation for high-quality, high-value expertise and often regarded as a cost-effective alternative to a City firm.� Chambers UK
As Reading continues to grow and evolve, so do we. Proud to call Reading our home since 1733, we are ranked as a leading top tier firm and provide a full range of commercial legal services to our clients.
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markets
vital statistics Reading was ranked 2nd out of 37 UK regional cities for market growth
A higher-skilled workforce: 27% are in professional occupations (compared to 19% nationally)
(Source: JLL’s report, The New Geography of Office Demand April 2015)
local claimant count in July 2015: 1.1% (one of the lowest in the UK)
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Greater Reading’s average full-time earnings:
£621
1st
Reading ranks 1st in UK for productivity – with an average of £70,900 GVA per worker (Centre for Cities)
per week – higher than the national average, 3rd highest in the UK (Centre for Cities)
University of Reading research:
98%
78%
27%
internationally recognised
internationally excellent
acknowledged as world-leading
Predicted annual rental growth for 2015-2019:
4.5% (JLL report, April 2015)
Annual house price rise of 13%. England’s best performing regional city in the housing market.
Planning permission for the £8 million Reading Green Park station was granted in April – the station will serve 6,500 people
Reading Green Park
Canary Wharf
The first Crossrail trains will arrive in Reading in 2019 – when journey times to Canary Wharf will be just over 60 minutes
(Nationwide’s house price index, Q2 2015)
Town centre transformation –
2,300,000sq ft
of office development
£244,629
is changing the economy of Reading within 500m of the station (Reading UK CIC)
the average price of a Reading home (Land Registry data)
Reading is home to 13 of the world’s top 30 brands including: Symantec, BG Group and Prudential
The proportion of tech enterprises in Reading is three times the national average (KPMG Tech Monitor) READING:UK The magazine for business in Reading
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market review
on the up With many large companies choosing Reading for their headquarters, its property market remains a focal point in the Thames Valley – and from further afield. David Gray reports on a town where commercial space is in hot demand
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R
eading is the regional capital of the Thames Valley and its vibrant economy is reflected in the local property scene, currently one of the healthiest in the country. According to JLL’s report The New Geography of Office Demand (April 2015), Reading is ranked second out of 37 UK regional cities for market growth. The latest economic data supports this positive view of the Reading market. The population, which numbered 433,000 (Greater Reading) at the end of 2014, has a higher than average proportion in employment and the local claimant count in July 2015 was just 1.1%. The workforce
is significantly higher skilled than the national average – those in professional occupations make up 27% of local employment, compared with 19% nationally. Higher skills mean higher wages and Greater Reading’s average full-time earnings per week (£621 at the end of 2014) are 11% higher than the national average and were rated third highest in the UK by Centre for Cities. The town itself is also home to a very large number of enterprises (8,000), while Greater Reading is home to 17,400 (end of 2014), and these include 40 businesses with 250+ employees (Nomis). A major driver for the local office market is that many of these large businesses are technology-based. Reading
is already home to Microsoft, Oracle, Symantec and Verizon and there has been a wave of office development to accommodate their growth. Information technology is predicted to provide strong employment growth over the coming five years further fuelling the demand for space. Reading’s excellent road and rail connectivity is also destined to become even better after the arrival of Crossrail at Reading station in 2019. JLL’s report identifies the Reading office market as “the next hotspot for investment opportunities” and predicts annual rental growth of almost 4.5% during 2015-2019. This optimism is shared by Lambert Smith Hampton, which also expects significant growth in both the occupational and investment markets, resulting in “continued upward pressure on rental values”. Grade A supply, which currently accounts for some 40% of total space in the area, is improving, but demand means it will continue to attract higher rental values. An example of recent deals is the sale of One Reading Central (220,000sq ft in the town centre) by Aberdeen Asset Management for £95 million, representing a net initial yield of 6.3% and capital value per square foot of £430. According to Campbell Gordon, a local agency with a large share of the Reading office market, take-up in 2014 was over 300,000sq ft. Duncan Campbell says that viewing figures for the first quarter of 2015 have been almost twice as high as a year earlier and he is “optimistic that the second half of the year will show strong take-up”. PepsiCo is one major company that has already taken space and will move in September into 105,000sq ft in Green Park, just south of Reading. Bayer, the pharmaceutical company, has also asked JLL to find 100,000sq ft in the Reading area by 2018. Ollie McLeod, JLL’s senior surveyor for the southeast, says in the report: “Reading is the focal point of speculative development activity in the Western Corridor, with 575,000sq ft currently under construction in the town centre and due to complete by Q4 2016. The development
Office developments throughout Reading – with schemes as diverse as Green Park and Forbury Place – are attracting lettings from some of the largest companies in the world.
of Thames Tower and Forbury Place is timely, as take-up has depleted good quality built stock and record rents are being achieved. Landid’s One Valpy is a prime example of this.” Prime average rents in Reading are forecast by JLL to rise by at least 4% annually to late 2018, when they could reach £40 per square foot. As Colliers reports, Reading rents went up by 8% in the year to May 2015. It is the case that Reading is pricier than other Thames Valley locations like Bracknell and Slough. On the other hand, Reading remains much more affordable than London locations such as Hammersmith, where Grade A costs £52.50 and Grade B £39.50. In the industrial and warehouse market, rents in Reading are reported to be closer to elsewhere in the Thames Valley, while also cheaper than west London. The cost of new sheds per square foot in 2015 are £9 in Reading, £11 in Slough, £8.50 in Bracknell, £12 in Acton and £15 at Heathrow. The most important event in the local retail market this year is the sale in July of the Broad Street Mall – which features 75 retail units and six kiosks – to a joint venture between Moorgarth Holdings and Texton Property Fund for around £61 million. Each has acquired a 50% stake in the shopping centre. Reading remains a relatively healthy centre for retailing, with a 12.2% vacancy rate in the first half of 2015, which is better than two years ago. Reading’s economic strength and good location has also powered up its housing market. Nationwide’s house price index (in Q2 2015) ranked it as England’s best performing regional city with an annual rise of 13%, higher than Oxford or Brighton. Land Registry figures in June 2015 showed the average Reading home selling for £244,629, compared to the equivalent for England and Wales of £179,696. READING:UK The magazine for business in Reading
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station to station
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With one station revamp complete and another on the town’s outskirts funded with planning approval, as well as plans for a new bus corridor, Reading’s ambitions to be better connected show no sign of slowing down, as James Cracknell finds out
C
ommuters living along most parts of the Crossrail route are patiently waiting for their stations to be revamped and expanded – but not in Reading. That’s because the final piece of the jigsaw in Reading station’s overhaul has already been fitted into place, a year ahead of schedule, and businesses in the town are benefiting from the
£900 million upgrade. The station now has new entrances, a fully accessible passenger footbridge, five new platforms, and longer existing platforms. By reconfiguring the track layout, a notorious bottleneck at the station was removed. Reading station was officially reopened by the Queen last summer, although work continued for another year to build a new viaduct for the Great Western Main Line and READING:UK The magazine for business in Reading
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improve capacity for freight trains; electrification work for the line is currently under way. And just as work at Reading station came to a successful close this summer, plans for a brand new station on the outskirts of town gained approval. Reading Green Park station will serve the 6,500 people who work at Green Park business park, a hi-tech hub on the southern outskirts of the town, as well as Madejski Stadium and the residents of thousands of homes being planned for this part of the M4 corridor. Planning permission for the £8 million station was granted by Reading Borough Council and West Berkshire Council earlier this year and construction work is due to begin in 2017, with the first trains set to depart in December 2018. Once complete the station will fit seamlessly into the Reading to Basingstoke service run by First Great Western. Plans already in place to electrify the line, as part of the major Western Main Line electrification project, mean that no timetabling changes would be required. Trains would reach Reading town centre within five minutes, and Basingstoke within 20. The Reading Green Park scheme is being funded chiefly by the Thames Valley Berkshire Local Enterprise Partnership’s (LEP) Local Growth Fund, with the remaining £1.6 million coming from the private sector. Another scheme for Reading that forms part of these ongoing improvements will be the Thames Valley Mass Rapid Transit (MRT) system, a £23 million project to create a new corridor for bus services between Reading town centre and Thames Valley Park. East Reading MRT, as it is also known, is designed to increase capacity along a key employment corridor. High-quality, low-emission buses would operate along a segregated route. The scheme includes construction of a £3.6 million East Reading park and ride facility at Thames Valley Park. The facility is due to be completed by autumn 2017, followed
“Reading Green Park station will serve the 6,500 people who work at Green Park business park as well as the Madejski Stadium” Work on the £8 million Green Park station (top left) will begin in 2017. Plans have also been mooted for a new train service between Reading and Heathrow Airport.
by completion of the MRT route by the end of 2018. East Reading MRT would form part of a wider network for Reading that includes two other park and ride facilities already under construction. Just under 600 new parking spaces opened in August at Mereoak, near Green Park and the M4. At Winnersh Triangle, nearly 400 spaces will be available close to Winnersh station; this project is due to be completed towards the end of 2015. Meanwhile, further afield, a top priority for improving Heathrow’s connectivity is a proposed new train service that would slash journey times between Reading and the airport in half. Western Rail Access to Heathrow (WRAtH) is being promoted by the Thames Valley Berkshire LEP. The proposed route, under consideration by Network Rail, directly connects Reading and Slough to Heathrow Terminal 5 via new track from the Great Western Main Line. If built, journeys to Heathrow from Reading would take as little as 28 minutes. Crossrail is, of course, well on the way to completion. And although it took until last year for the government to confirm that Reading would be its western terminus, all systems are now go. Reading station’s revamp was designed with Crossrail in mind, and will not need to be adapted any further before the first trains arrive in 2019. A milestone was reached this summer when digging of the tunnels under central London was completed. The Crossrail route will soon give Reading its first direct rail connection into the City – putting the financial centre less than an hour’s journey away.
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culture
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culture club With Reading preparing for a year-long cultural celebration in 2016 and this autumn, a major bid to the Heritage Lottery Fund to conserve Reading Abbey, Maria Shahid takes a closer look at how the town’s arts scene shapes up
R
eading may not naturally spring to mind as a cultural destination, but the town, along with its artistic community, is working hard to change perceptions. Reading 2016 is due to start in January, a year-long festival of culture that is designed to place the town firmly on the UK’s cultural map. Reading UK CIC’s executive director, Nigel Horton-Baker, explains: “Our vibrant arts scene sometimes gets overlooked but it plays a vital part in helping make Reading a great place to live and work. Reading 2016 is the perfect opportunity to shout this from the rooftops.” The main heritage project in the town is being led by Reading Borough Council’s museum team and involves the transformation of the Reading Abbey precinct into a unique historical and cultural destination. The Abbey Quarter plans will pull together a number of important historic sites, buildings and structures under a single, co-ordinated approach. The Hidden Abbey Project, an archaeological research scheme, has been launched as part of this to help develop an understanding of Reading Abbey, which is believed to be where Henry I is buried. But there’s more to Reading than its history; the town has been producing an impressive array of artists and shows, in various guises. Niall Norbury, editor of local online magazine, Alt Reading, explains that: “Culture doesn’t just
The Caversham Festival, organised by Readipop, features music and theatre performances from local artists as well as a Samba parade.
“Reading has one of the most exciting arts scenes in the country. It is a diamond in the rough – close to being incredibly sparkly”
READING:UK The magazine for business in Reading
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culture
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come to Reading. Reading is producing talent of its own”. Theatre features prominently in the local cultural scene, and the town holds a fringe festival dedicated to the art form in early July. Now in its third year, it showcases both local and national arts organisations, and has been seeing increasing audience numbers as well as engagement with the wider community. Zsuzsi Lindsay of Reading Fringe Festival believes that: “Reading has one of the most exciting arts scenes in the country. The town is a diamond in the rough – it’s so close to being incredibly sparkly.” Also taking place every July is Caversham Festival, organised by Readipop, a music and arts charity with a strong reputation for delivering innovative and engaging arts projects. The festival features music and theatre performances from local artists as well as a Samba parade. The 2015 festival saw performances by Reading-based production company, Beautiful Creatures Theatre, which creates physical and visual theatres for all ages, locally and nationally, and debuted its new show, The Gift, at the festival this year. Reading’s professional theatre companies include the relatively new, Reading Between the Lines, whose “wonderfully witty” production of Much Ado About Nothing was staged at St James’ Catholic Church in the round. The company has commissioned a new play for 2016 based on Henry I. Meanwhile, Reading Rep Theatre, which has its residency at Reading College’s Performing Arts Centre and combines high-class productions with groundbreaking education and community engagement, has just staged the world premiere of A Little History of the World. Open for Art is a three-day arts festival organised by Jelly, an energetic charity championing creative arts in Reading since 1993, enabling art to appear in unexpected places with workshops, ‘pop-up’ artists trails and walks and
Reading boasts a lively and varied cultural scene. The Reading Rep has just staged the world premiere of A Little History of the World, and Snoop Dogg played a DJ set at Sub89 in May.
talks in the town’s “most-loved spaces”. This year’s festival, which took place in early July, included an Open Air Art Challenge where artists could create a piece of artwork inspired by Reading and the public voted to choose a winner. Details of Reading 2016 were revealed over the summer, and include a season of music, comedy and theatre to be presented in The Hexagon theatre, as well as an expanded version of SITELINES, Reading’s festival of pop-up theatre, curated by South Street Arts Centre. In addition to the world-renowned Reading Festival, the town is home to a vibrant music scene with a number of live music venues such as the Oakford Social Club, which has hosted bands such as Bloc Party and The Cribs; The Rising Sun Arts Centre, described by Alt Reading as an “archetypal adventurous venue”; the Purple Turtle, which has long been a mainstay of the local music scene, and Sub89, which in May featured a DJ set by rapper Snoop Dogg. And now plans are in full swing to ensure that 2016 will be a highly cultured one in Reading, shining a very positive light on what the town has to offer, and highlighting what a fantastic place it is in which to work, live, invest and play.
10 February 2016
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UNIVERCITY CHALLENGE The University of Reading is ranked in the premier league of academic institutions globally, and Enzo Raimo, one of its pro-vice-chancellors, has big plans to build on its international success, as he explains to Jane Thynne
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E
nzo Raimo was appointed as pro-vicechancellor for global engagement at the University of Reading almost a year ago. A Reading graduate himself, he brings a palpable and infectious enthusiasm to his role. “This is an exciting week,” he says. “When I preside at a degree ceremony for the first time on Friday, it will be exactly 25 years to the day since I graduated from this university.” And just like Raimo, who has risen through the ranks via roles at the universities of Lancaster and Nottingham, so Reading has advanced – it is currently placed in the top 1% of universities in the world, according to figures published by QS World University Rankings 2014/15. Its Henley Business School is consistently ranked in the top 50 business schools in the world and University of Reading courses are being taught from Toronto to Johannesburg. Since Raimo’s undergraduate days, the number of students has risen threefold and now stands at 17,000 in the UK alone. “Yes it’s bigger, yes there are a few extra buildings, but it feels the same,” says Raimo. “It’s good to be back.” But one thing that hasn’t changed in those 25 years is the university’s international ambitions. “This place was at the heart of internationalisation developments in the UK before other people had thought about it,” Raimo explains. Back in 1990 when the future vice-chancellor was a young graduate, Reading was the only university to have received a Queen’s Award in recognition of its international activity. The university had been quick to realise that many of its core curriculum areas, such as research, business, climate and agriculture, lent themselves quite easily to a global market. Today, Reading has the third highest number of international alumni of any UK university. Thanks to the high numbers of Commonwealth Scholars who studied at the university in the 1960s, 70s and 80s, there are Reading graduates in government departments across the globe. The past four years have seen a surge in its international activity, with the annual intake up 45% on 2010. “We have seen our global reach redevelop and redefine itself,” Raimo says. “By the end of this decade, about a quarter of our students may never come near Reading. These are students who will be studying for a University of Reading degree somewhere across the globe.” This globalisation has certainly put Reading on the
“ Soon, about a quarter of our students will be studying for a University of Reading degree somewhere across the globe”
New Reading developments Twinned with Richardson County, USA
Enzo Raimo, provice-chancellor for global engagement at the University of Reading, is building on its international reputation, placing Reading firmly on the global map.
As part of the international outreach strategy by Reading UK CIC (the economic development and marketing company for Reading), the town is being ‘twinned’ with Richardson County in Texas. It is hoped the scheme will foster investment and grow business on both sides of the Atlantic as the areas share some of the same tech companies (including Cisco, Rockwell Collins and Verizon). The university is working with the University of Texas on a number of projects.
Reading acts as EMEA HQ Reading’s location and transport links make it the HQ choice for many international companies’ EMEA (Europe, Middle East and Africa) operations. including Microsoft, Quintiles, Symantec, Amec Foster Wheeler and Verizon.
Global research at the University of Reading According to The Research Excellence Framework, 98% of the university’s research is internationally recognised, while 78% is classed as internationally excellent and 27% has been acknowledged as world-leading.
University of Reading in Malaysia A state-of-the-art, £175 million campus will open in EduCity, Johor Bahru, Malaysia (pictured above) this September, to deliver the University of Reading experience in Asia. It will host up to 2,500 students with courses in business and law, science and the built environment.
READING:UK The magazine for business in Reading
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READING INTERNATIONAL
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map. A quarter of all the students currently based on the campus are from overseas – no fewer than 139 countries are represented. Raimo is keen to point out that those students who have a positive experience of Reading go back to their home countries as “friends”. “They lay down links and networks in our local community,” he explains. He is also aware there is a real need for UK students to enjoy the benefits of internationalisation to enable them develop the skills local employers are crying out for. The university currently works in partnership with institutions around the globe. For example, as part of the meteorology degree programme, third-year students are given the chance to study at the University of Oklahoma. He believes student mobility can only benefit Reading’s employers and aims to increase the number of undergraduates spending a proportion of the degree programme overseas to at least a third. At the moment, the figure stands at just four per cent. Reading’s location, only 40 minutes from Heathrow and 25 minutes from central London, means it is perfectly placed to capitalise on the global student market. The university takes its role in the area’s prosperity seriously. Raimo cites the Thames Valley Science Park, planned for Shinfield, as an example of how the town, industry and university can best work together. The university has pledged £25 million to the first phase which will create local jobs and showcase the region as an area of innovation and technology, complementing its ‘mini Silicon Valley’ that houses companies such as Cisco, Ericsson and Oracle. Raimo says the university can act as a launch pad to attract industry and that a positive partnership is integral to both the town and university. “It’s all about trust”, he says. “It’s finding people you have things in common with. We want to attract the best staff and the best students. They are the ones that will contribute most to our country’s success.”
The University of Reading’s Henley Business School is rated in the top 50 business schools in the world. Reading has the third highest number of international alumni of any UK university.
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