Northwood in for Reading's The Blade

By Paul Norman - Wednesday, September 13, 2017 11:13

Northwood Investors is set to buy The Blade, a landmark tower in the centre of Reading, for just under £40m, or a net initial yield of 7.45%, CoStar News understands.

Market sources this week said  Northwood is understood to have seen off bids from Harbert and Benson Elliot.

Aviva appointed Knight Frank in July to market the building, which has a featured curving spire style roof and has become a notable feature on Reading’s skyline.

The 14-storey building comprises 109,449 sq ft of offices and is multi-let to 11 tenants.

It has an average weighted unexpired lease term of 4.4 years to expiry and 2.3 years to break.

The marketing rent of £3,274,437 pa, equates to an overall rent of £29.92 per sq ft.

Northwood is being advised by Hanover Green; Aviva is being advised by Knight Frank.

pnorman@costar.co.uk

Get in Touch
+44 203 205 4600