Clearbell lets 19,600 sq ft at Pacific House, Reading

25th April 2019

Clearbell Property Partners II LP (Clearbell), a fund managed by Clearbell Capital LLP, announces a 19,600 sq ft letting at Pacific House, Reading, to Select Car Leasing.

Select Car Leasing has signed a new 10-year lease at Pacific House, with breaks in years five and seven, on the entire second floor. It will pay an annual rent of £450,800 per annum, equating to £23 per sq ft (£247 per sq m).

Pacific House is a 57,000 sq ft multi-let office building close to Junction 11 of the M4 motorway. An extensive refurbishment and upgrading programme was undertaken at the property, including the installation of a new ceiling, LED lighting, a raised floor and carpet throughout, and the introduction of a concierge service at reception. In addition, a café was installed in the atrium for all tenants to use and the external landscaped areas have been improved. Pacific House is multi-let to seven tenants.

Duncan Jarvis, Director, Asset Management at Clearbell Capital, said: “The introduction of the atrium cafe for all tenants to enjoy, plus free wifi, showers, cycle storage and the concierge service at reception, have greatly improved the amenity offering at Pacific House. Select Car Leasing join six incumbent tenants in a refurbished multi-let flexible office well located opposite the new retail and leisure Reading Gateway site and close to Junction 11 of the M4.”

Pacific House was acquired by Clearbell as part of the Chalk portfolio in 2015, comprising seven office assets in the South East.

Clearbell was advised by Parkinson Holt and Montagu Evans.

Select Car Leasing was not represented.

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