Reading: Refurbished Pacific House secures new tenant

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TBM Team

Clearbell Capital, the private equity real-estate fund manager, has leased 10,000 sq ft to Bytes Security Partnerships at Pacific House, Reading, on behalf of a fund it manages.

Bytes Security Partners has signed a new 10-year lease for part of the first floor of Pacific House, with a break in year five. The tenant will pay rent of £231,357 pa, equating to £23 per sq ft (£247 per sq m).

Pacific House is a 57,000 sq ft multi-let office building, acquired in 2015 by the fund as part of the Chalk Portfolio of South East offices.

Since acquisition, both the internal and external space has been refurbished, including new ceilings, LED lighting, raised floors, and new carpet throughout. A concierge service and amenities with a café, bicycle storage and showers have been added, and the external landscaped areas upgraded.

Pacific House is home to five tenants.

Duncan Jarvis, director at Clearbell, said: “We built a portfolio of offices in the South East as part of our Chalk investment to capitalise on businesses looking to move out of London to avoid rising rents.

“The provision of Grade-A office space has struggled to keep pace with demand in many regions including the South East, as tenants are increasingly demanding more from their workspaces.

“We have transformed Pacific House to include facilities such as cycle racks and showers, attracting a swathe of potential tenants.”

Clearbell was advised by Parkinson Holt and Montagu Evans.

Source: CoStar

TBM Team