Originally acquired as a car park attached to the office building at ’26, The Forbury’, the site had no planning designation. Soon after purchase, we gained planning permission for apartments on part of the car park. We gained £1m of value by obtaining permission, and a further £1m through increased value of the new apartments set against construction cost.

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Upon completion we were able to let to corporate occupiers as furnished apartments, because of the integrity of the design. In the process, we established a premium rate for corporate apartments in central Reading.