Clearwater Court Vastern Rd, Reading, Berkshire, RG1 8DB, UK
• Clearwater Court is a prominent 5-storey office building extending to 89,059 sq ft with an attractive outlook onto the River Thames.
• Single-let to the investment grade covenant of Thames Water Utilities Limited until 13th July 2032, providing an unexpired lease of 9.7 years term certain.
• Thames Water originally built their headquarters building and have been in occupation for over 22 years. Clearwater Court is integral to their operations having recently consolidated into the building from c.53,000 sq ft of other offices in Reading.
• The building benefits from 161 car parking spaces, reflecting an excellent town centre car parking ratio of 1:553 psf.
• Rare opportunity to acquire a landmark building in the heart of Reading, offering secure long income and a valuable residual underpin.
• The FRI lease has a passing rent of £3,210,971 per annum reflecting a rent of £36.05 psf overall.
• Fixed uplift in April 2027 to £3,722,395 per annum, providing guaranteed performance over a 5-year hold through c. 115 bps of reversion.
• Offering stability and security of returns against a volatile macroeconomic backdrop.