THE FIRST tenants for the new ONE Station Hill development in Reading town centre have been revealed – and they are international names.
Food and beverage firm PepsiCo, auditors PwC and ‘space as a service’ firm NewFlex will let around 40% of the £850 million development, next to Reading’s main railway station.
PepsiCo are taking 38,255 sq ft (3,553 sq m) of space across floors 7 and 8, and a private terrace of 3,853 sq ft (358 sq m).
PwC – which has 19 offices across the UK – has signed for 41,954 sq ft (3,897 sq m) across floors 5 and 6.
And NewFlex will take 31,765 sq ft (2,951 sq m) of space across floors 1 and 2.
It will be a move for PepsiCo, which is currently based in Green Park. PwC is currently based in Forbury Place, while NewFlex is coming to the town for the first time.
Lincoln MGT, is a joint venture between Lincoln Property Company (‘Lincoln’) and MGT Investment Management, oversee ONE Station Hill, which was designed by international architect Gensler. It is part of the transformation of the area around the railway station, and sees office buildings arranged across lower ground and ground floors and 15 upper floors, with roof terraces on floors 8 and 15.
To help with work-life balances, there will be rooftop yoga and other lifestyle activities available, while the building will use smart building technologies and air source heat pumps.
It is part of a more extensive 2.5 million sq ft (232,257 sq m) mixed-use development, which includes 625,000 sq ft (58,064 sq m) of office space and up to 1,300 homes, 598 of which have already been delivered in the neighbouring Ebb & Flow development.
The project also includes 95,000 sq ft (8,825 sq m) of lifestyle-led retail and leisure space.
This autumn, a connecting street from Friar Street to the Station will open, linking the new development to the existing facilities.
Evan Reynolds, Development Director for Lincoln – and on behalf of the joint venture – said: “For over 20 years, the Station Hill site remained undeveloped, leaving a significant gap in an area that should welcome those arriving in the capital of the Thames Valley – until now.
“The commitment from three tenants of this calibre, for terms exceeding 10 years, speaks volumes about the positive impact of well-executed town centre regeneration.
“Each tenant has embraced our vision that the workplace should be a destination—a best-in-class workspace with premium amenities, easily accessible and set in a fully curated environment. Only by providing all of these can we truly say that ONE Station Hill is setting the new standard for Grade A office development.”
The moves are being welcomed by the companies.
Jason Richards, general manager of PepsiCo UK & Ireland, said the company was excited to be moving in, and hoped to be in situ next year.
“ONE Station Hill will offer our UK-based employees a modern and collaborative workplace that supports our flexible ways of working. Furthermore, the building has been designed with sustainability in mind, reflecting our own commitments to reducing our impact on the environment,” he said.
Gareth Murfitt, Reading senior partner at PwC, said the company was thrilled to have signed the lease.
“As one of the fastest-growing urban centre economies, with improved infrastructure, the arrival of the Elizabeth Line and updated railway networks, Reading is becoming increasingly attractive for investment,” he said.
“This new office space reflects our commitment to our people, clients, and the local community in Reading and the Thames Valley. It demonstrates our dedication to creating a dynamic, collaborative, and efficient working environment that fosters inclusivity and prioritises sustainability.
“This move will reinforce our presence in Reading and the Thames Valley, enabling us to continue making a positive impact on the local market and contributing to the growth of the local economy.”
And Steve Jude, CEO of NewFlex, said: “Given that it supports more than 15,000 businesses ranging from start-ups to globally recognised brands, Reading has solidified its reputation as a premier international business hub, particularly in the science and technology sectors.
“As one of the fastest-growing urban economies in the UK – bolstered by the strong impact of the Elizabeth line and the rapid link this provides to London – Reading stands as a pivotal destination for ambitious businesses.
“We’re delighted to have been selected to manage more than 30,000 square feet of flexible workspace and eagerly anticipate welcoming businesses and entrepreneurs later this year.”
The lettings agents for ONE Station Hill are JLL and Hatch Real Estate.
