Sharing space

by Natalie Vincent Wed 22 November 2017, 11:31 am

A new shared working space in the centre of Reading will open in December.

9 Greyfriars Road exterior

Real estate investment trust McKay Securities leased its redeveloped 9 Greyfriars Road building in Reading to Dutch-based office space providers Spaces in August.

McKay announced that the letting generated an 18.2% profit on cost for the development, for which it raised £86.7 million in capital.

Formerly home to Price Waterhouse Coopers (PwC), the building represented a unique chance for McKay to invest in an updated and environmentally friendly working space, according to CEO Simon Perkins. He said: "As we're based across [the road] on Greyfriars Road, we were very aware of PwC's closure.

"Under the dated and rather ugly exterior, it was a good building with a big reception area and lots of parking at the back. It had a lot of potential to create a proper office space.

"There were also environmental considerations, which are increasingly important in terms of cost and creating good working conditions, which helps with employee retention."

McKay currently owns three buildings in Reading, two on Greyfriars Road and one on the other side of Reading station at the Vastern Roundabout, currently leased to mobile company 3.

The developer also received planning permission to build a new distribution warehouse at its site at Theale Logistics Park, five miles south of the town centre.

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