Family owned trading company the RO has announced the sale of its freehold in Napier Court, Reading to Peveril Securities Limited & their joint venture partner Sladen Estates Limited for an undisclosed sum. Peveril Securities is a wholly owned subsidiary of Bowmer and Kirkland Limited and is responsible for the group’s property development activities.
Napier Court is a self-contained office campus of three buildings of c. 46,200 sq. ft net internal floor area and 217 parking spaces, within five minutes’ walk of Reading’s mainline rail and bus stations. Immediately to Napier Court’s west is Thames Quarter, a new development of 315 apartments.
David Kershaw, Group Real Estate Director, the RO commented:
“Consistent with our strategy, the proceeds from the sale of Napier Court place us in a better position to approach new opportunities for investment, particularly as the demand for suburban offices rises, and firms look to the ‘hub and spoke’ model. We are delighted with our return on investment on the sale of Napier Court, a disposal made in line with our mantra ‘in business to do business’.
“Recent figures from the Institute of Workplace and Facilities Management found that interest in hybrid working is strong, especially among younger workers. Bearing this in mind, we look forward to adapting our assets, and investing in them to ensure that they remain attractive places for companies and employees to innovate, collaborate and build back the economy in the wake of successive lockdowns.”
The RO Group was advised on the sale by Savills and Mishcon de Reya LLP. Peveril Securities & Sladen Estates were advised by Freeths LLP.