Clearbell Property Partners II, a fund managed by Clearbell Capital, has sold One Thames Valley, Bracknell, to SevenCapital for £12.8 million.
One Thames Valley, a 75,293 sq ft property on the western side of Bracknell, was bought by Clearbell in February 2015. The town-centre asset lies close to the recently built £240m Lexicon shopping centre,
Clearbell has gained Permitted Development Rights for the conversion of the building to 130 residential units. SevenCapital has bought the site with the intention of taking the plans forward.
Duncan Jarvis, director at Clearbell, said: “We are pleased to have received PD consent for 130 apartments at One Thames Valley, by amending our strategy and focusing on a residential exit. We moved quickly to secure both SANG Land and PD consent in light of the Article 4 directive.
Angus Baillie, investment director at SevenCapital, said: “Bracknell is a very up-and-coming town at the heart of the UK’s Silicon Valley which has become increasingly popular over recent years as a place to live, work and play, as well as a top commuter hotspot for nearby Reading and London.
“One Thames Valley is a prime development site sat comfortably between the main town centre and the residential areas, with easy access to main transport links, that will help to meet the increasing demand for homes within the area.
“The site marks the second successful acquisition in Bracknell for SevenCapital, having also recently completed on the town’s former bus depot site off Market Street.”
Clearbell was advised by Montague Evans. SevenCapital was advised by Colliers.