Specialist UK commercial property manager Orchard Street has bought a Thames Valley industrial estate on behalf of St. James’s Place UK.
Orchard Street said it bought Trade City Reading from Kier Property and Investec for £15.7m (€17.6m).
Trade City Reading comprises a newly-developed industrial estate of 12 modern trade units totalling 54,755sqft across a 2.5 acre site. The estate is let to four tenants.
The estate sits within Reading Gateway, a newly-developed Kier Property and Investec scheme comprising industrial, retail, leisure and residential.
Harry Buxton, the acquisitions manager at Orchard Street, said: “This prime industrial asset benefits from an excellent location within the South East’s industrial hub, with the newly-developed Reading Gateway scheme providing increased critical mass and local infrastructure improvements enhancing the estate’s connectivity.
“With over 50% of the estate let or under offer and limited supply in the area, we are confident that the remaining units will let up well.”
Leigh Thomas, the executive director of Kier Property, said: “This 12-unit industrial estate is a prime example of our Trade City brand and the wider Reading Gateway is a fantastic example of Kier Property’s ability to deliver mixed-use development.”