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The Business Magazine May 2024
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PepsiCo, PwC and NewFlex sign up for office space at landmark Reading development

ONE Station Hill Reading: Credit: Andy Stagg
ONE Station Hill Reading: Credit: Andy Stagg
10 June 2024
ONE Station Hill Reading: Credit: Andy Stagg

International companies PepsiCo, PwC and NewFlex have been secured as new tenants, renting over 115,000 sq ft of office space, at the £850 million Station Hill mixed development in central Reading.

The latter, which sits opposite the railway station, is being delivered by Lincoln MGT - a joint venture between Lincoln Property Company (Lincoln) and MGT Investment Management.

Accounting giant PwC is moving from existing premises only a short walk away and has signed for 41,954 sq ft across floors 5 and 6 at ONE Station Hill.

READ MORE: Siren Craft Brew to open flagship taproom at Station Hill development in Reading

Food and drinks firm PepsiCo will take 38,255 sq ft across floors 7 and 8 and a private terrace of 3,853 sq ft. Its office is currently located on the edge of Reading at Green Park and the firm is moving in favour of the town centre position.

NewFlex, described as a pioneer in 'space-as-a-service' solutions, will be new to Reading and is set to take 31,765 sq ft across floors 1 and 2.

The deals mean that now 40% of the Reading office development is now let, with practical completion anticipated in October this year.

Gareth Murfitt, Reading senior partner at PwC, said: "As one of the fastest-growing urban centre economies, with improved infrastructure, the arrival of the Elizabeth Line and updated railway networks, the area is becoming increasingly attractive for investment."

He added: "This move will reinforce our presence in Reading and the Thames Valley, enabling us to continue making a positive impact on the local market and contributing to the growth of the local economy."

Steve Jude, CEO of NewFlex, added: "Given that it supports more than 15,000 businesses ranging from start-ups to globally recognised brands, Reading has solidified its reputation as a premier international business hub, particularly in the science and technology sectors."

He said: "We're delighted to have been selected to manage more than 30,000 square feet of flexible workspace and eagerly anticipate welcoming businesses and entrepreneurs later this year."

ONE Station Hill is just part of the 2.5 million sq ft (232,257 sq m), 6.5 acre, mixed-use development in the town centre, which includes 625,000 sq ft of best-in-class office space and up to 1,300 homes, 598 of which have already been delivered in the neighbouring Ebb & Flow development. The project also includes 95,000 sq ft (8,825 sq m) of lifestyle-led retail and leisure space.

This autumn, the joint venture will connect Friar Street to the Station via its pedestrianised public realm.

Evan Reynolds, development director for Lincoln, and on behalf of the JV, said: "For over 20 years, the Station Hill site remained undeveloped, leaving a significant gap in an area that should welcome those arriving in the capital of the Thames Valley - until now.

"The commitment from three tenants of this calibre, for terms exceeding ten years, speaks volumes about the positive impact of well-executed town centre regeneration."


Giles Gwinnett is a writer at The Business Magazine. He has been a journalist for more than 20 years and covered a vast array of topics at a range of media settings - in print and online. After his NCTJ newspaper training, he became a reporter in Hampshire before moving to a news agency in Gloucestershire. In recent years, he has been covering the financial markets along with company news for an investor-focused web portal. His many interests include politics, energy and the environment. He lives in Dorset.

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