Palm Capital secures three deals totalling 55,000 sq ft at Abbey Gardens, Reading

Palm Capital, the pan-European real estate private equity specialist, has signed three leasing deals at Abbey Gardens, a 150,000 sq ft office scheme located in Reading’s central business district.

Existing tenant Huntswood, the specialist resourcing and consultancy firm, has taken a new lease on 40,000 sq ft across the second and third floors, while two new occupiers, technology firm Entrust and automotive software firm Autino, have taken 7,000 sq ft on the sixth floor and 6,000 sq ft on the seventh floor respectively.

Abbey Gardens was acquired by Palm Capital in 2017 as part of its Office 4.0 strategy, which reinvents business space into sustainable, dynamic and community-focused business spaces. Palm Capital’s stewardship comprehensively refurbished Abbey Gardens to provide a modern reception area, an extensive landscaped terrace overlooking the River Kennet, cycling facilities including bike storage, showers and high-quality changing rooms, upgraded M&E systems, and energy-efficient floorplates with high levels of natural light.

As in other Palm Capital’s properties, particular attention was given to improving employee wellness and the building’s overall sustainability ratings. Events and services continue to be rolled out at the building such as Food Truck Thursdays and dry-cleaning concierge services. In a central location within walking distance of the train station and close to a range of cafés, bars, restaurants, green spaces and other local amenities such as the Oracle, Abbey Gardens combines sustainability with contemporary design and facilities, providing exceptional space to work and a lifestyle that appeals to modern occupiers.

Further Grade A office accommodation is being refurbished at the building and will available in the immediate future.

Reda Khatim, founder and managing partner at Palm Capital, said: “With the UK’s largest proportion of tech occupiers and highest employment rate, Reading continues to be an attractive market for investors and tenants. At Abbey Gardens, we transformed an unmodernised building in a prime location into a vibrant business space that appeals to occupiers who are increasingly focused on sustainability and amenities that help attract and retain staff. These three new lettings are a testament to the success of our transformation of this building, which forms part of our wider investment theme of creating value for tenants and investors by acquiring and improving UK office assets.”

Knight Frank and Haslams Surveyors are the retained agents for Abbey Gardens. Autino was advised by Hicks Baker; Huntswood and Entrust were unrepresented.