Property consultancy Sharps Commercial has kicked-off 2019 with the signing of a new tenant for a modern Reading warehouse, acting on behalf of BBC Pension Fund (c/o CBRE Global Investors).
Unit 1 Riverview, on Cardiff Road in Reading, has been let on a new 15-year lease to Edmundson Electrical. The company, which operates from more than 250 locations across the UK, is relocating its Reading business from Richfield Avenue in order to support business growth. The move will provide Edmundson with larger industrial/warehouse premises of 11,820 sq ft, where fit-out works have already commenced. A rent of £9 per sq ft was agreed.
Alec White, director at Sharps Commercial, commented: “Despite Brexit uncertainty, this deal demonstrates both positive rental growth for north Reading as well as the expansion of a thriving business. It also highlights the continued demand from industrial/warehouse occupiers for modern and refurbished space, something that our clients recognise.
“Tired and run-down space no longer fulfils industrial demand. Instead, businesses are looking for good quality premises with high eaves and good loading – ultimately a site that will suit them both now and in the future. For Edmundson, the Riverview units fit the bill.”
Riverview is located on the corner of Richfield Avenue and Cardiff Road, north of Reading town centre and the station.
White added: “The unit comprises modern industrial space with access via two large electric loading doors, as well as a separate entrance for the offices. Coupled with the excellent car parking and large area for loading commercial vehicles, Riverview is an ideal site for Edmundson both now and in the coming years as the business continues to grow.”