Leading partner for global real assets – PATRIZIA AG – has invested in a turn-key Build to Rent development in Reading, named Olivers Place – for an undisclosed sum – on behalf of its institutional clients. CBRE acted on behalf of the vendor. Campbell Gordon and Haslams Estate Agents acted as commercial advisors to PATRIZIA, and K&L Gates as its legal advisors.
Olivers Place will deliver 281 Build to Rent properties – a mix of one, two and three bedroom apartments. PATRIZIA AG has acquired Olivers Place from award-winning housebuilder Berkeley Homes, who will deliver the scheme in four phases as part of its larger Huntley Wharf development on the banks of the River Kennet.
“Our development partner in Berkeley Homes is renowned for its expertise in sustainable placemaking and its hallmark of quality when delivering new homes in the UK.
“Our investment in Olivers Place brings this high standard into our residential portfolio to provide an excellent asset, both for our tenants and our clients, that has the potential to deliver on our overall performance targets for investors.”Antonio Marin-Bataller, Director, Pan-European Transactions, PATRIZIA AG
Residents will benefit from riverside living and have access to a variety of onsite amenities – including a landscaped podium garden, concierge service and co-working studio. There will be 131 car parking spaces – and in line with PATRIZIA’s focus on sustainability, Olivers Place will also provide a number of electric vehicle charging points. A nursery and other flexible commercial units will be available to the wider Huntley Wharf community in line with PATRIZIA’s philosophy of building sustainable communities.
Residents are scheduled to move into Olivers Place in 2024, with the final phase set to complete in 2025. Each property will come fully fitted and be finished to Berkeley Homes’ high standards of design and specification.
“Not only does Reading represent a huge opportunity for high specification Build to Rent accommodation as the economic capital of Thames Valley; but it is also a major hub for finance and technology firms, has a top 30-ranked university and benefits from strong connections to London, which will only improve next year with the opening of Crossrail.”Antonio Marin-Bataller, Director, Pan-European Transactions, PATRIZIA AG
Situated on the River Kennet, opposite Chocolate Island, Olivers Place is located less than one kilometre from Reading town centre and the national railway station. Trains from Reading to London Paddington takes 23 minutes, while the arrival of the Crossrail train service in H1 2022 will provide residents with direct travel to Liverpool Street and Canary Wharf.