A RIVERSIDE building in Reading town centre that once housed an insurance firm will become nearly 250 buy-to-rent homes.
Norman Place, the former home of Covéa Insurance, has been acquired by residential development specialist Packaged Living and Bridges Fund Management.
Property consultancy Vail Williams acted for the vendors, Covéa Insurance, while Hollis Hockley advised the purchaser.
The site backs onto the River Thames west of Reading Bridge, and is off Vastern Road. It is between the offices of SSE and Thames Water, with other housing nearby.
Vail Williams agency partner Guy Parkes said: “This is a well-known property in a prime spot along the Thames path and one of the first sites to be seen when exiting the rail station.”
“Now it is to get a new lease of life as Packaged Living and Bridges transform the site into up to 234 buy-to-rent residential apartments.
“We were particularly impressed with the way the purchaser’s credentials aligned with our client’s values and our own – particularly around environmental and social responsibilities.”
Covéa Insurance will donate surplus furniture and equipment from the building to a charity to help furnish schools, in Africa, while Packaged Living and Bridges says it will champion environmental and social values within the design of the scheme.
This includes the incorporation of sustainable materials to reduce embodied carbon and focus on residents’ wellbeing through social amenity spaces.
Ed Ellerington, founder and CEO of Packaged Living, said: “We are delighted to have partnered with Bridges to redevelop this obsolete office building into an institutional-grade buy to rent scheme, which in turn will encourage more young professionals into the town supporting its economic growth.
“Reading has seen unparalleled growth over the past few years, with surging demand for new good quality homes and a limited supply within the town centre.
“Norman Place, located on the waterfront with vistas over Christchurch Meadows, is a fantastic canvas to create a standout place for people to live close to local employment and the wider amenities of the town.”
