Reading: Work begins at The Hive in Theale
Praxis Holdings has commenced the first phase of a full refurbishment of The Hive business park in Reading.
Situated at Arlington Business Park in Theale, and accessible via Junction 12 (M4), The Hive comprises 140,000 sq ft of accommodation across three, detached buildings.
Hive 1, the first to be remodelled, will provide 44,500 sq ft of offices with contiguous floor plates of 22,000 sq ft. Hive 2 will comprise 38,000 sq ft, and Hive 3 will provide a further 58,000 sq ft, offering some of the largest single open-floor plates in the Thames Valley at 30,000 sq ft.
Hive 1 will be ready for occupation in September 2016, with new VRV air conditioning, a double height entrance/reception, all new M&E and car parking at 1:209 sq. ft. Hive 2 & 3 will follow in due course.
Ben Ryan at Praxis said: “The fundamentals of this location are spot on for businesses, having excellent rail and road connectivity with its own train station and sitting on top of a motorway junction. There is a ready supply of high-quality talent on its doorstep and surrounding leisure and retail amenities. Our commitment to this grade A refurbishment reflects our confidence in the location."
Guy Parkes of joint leasing agent RARE said: “We see a real demand for newly-specified offices in the out-of-town market where supply on the business parks around Reading is now at an all-time low, down to only circa 350,000 sq ft, whereas within the past five years it’s been closer to 1.2 million sq ft. The growing tech sector and its associated businesses which we know as DAMIT– Data, Advertising, Media, Internet, Telecoms, and which are clustered around Reading are driving this demand”.
He goes on to add that, “As the name ‘The Hive’ suggests we expect this new business district to be an ideal place for these types of business to collaborative and prosper.”
RARE and Knight Frank are advising Praxis.
Credit: CoStar
