UK property developer SevenCapital has bought the One Thames Valley building in Bracknell to convert to 130 residential units.

The 75,293sqft property was acquired from Clearbell Capital’s Property Partners II fund for £12.8m (€14.8m).

One Thames Valley was acquired by Clearbell in February 2015.

SevenCapital bought the asset with permitted development rights for the conversion of the building to 130 residential units.

Duncan Jarvis, director at Clearbell, said: “We are pleased to have received permitted development consent for 130 apartments at One Thames Valley, by amending our strategy and focusing on a residential exit.”

Angus Baillie, investment director at SevenCapital, said: “Bracknell is a very up-and-coming town at the heart of the UK’s Silicon Valley which has become increasingly popular over recent years as a place to live, work and play, as well as a top commuter hotspot for nearby Reading and London.

“One Thames Valley is a prime development site sat comfortably between the main town centre and the residential areas, with easy access to main transport links, that will help to meet the increasing demand for homes within the area.”