An investment company has bought the plans for the old Auto Trader headquarters in Reading.
In March, permission was given to demolish Autotrader and Hartman House at Danehill, Lower Earley and replace them with one new industrial building which will be used as a logistics hub.
The site has been acquired by investment company Vengrove, which has been responsible for 70 investments and developments with a total purchase price value of over £750 million.
The old Autotrader site has been valued at £16.5 million.
READ MORE: Autotrader in Lower Earley to be demolished on site meant for 76 flats
Vengrove will now redevelop the site based on the approved plans, let it to a company for use and then hold it in its ‘wider industrial portfolio.’
While the plan to demolish the existing buildings and build the new industrial unit was approved in March, it passed another planning hurdle on Wednesday, May 5 when a Section 106 developer contribution agreement was signed.
Vengrove is now expected to pay Section 106 developer contributions which could total £21,040.
It could pay £15,000 if it does not devise a ’employment skills programme’.
Vengrove is also set to pay a maximum of £6000 for Traffic Regulation Orders which will be used to restrict or prohibit the use of the road network, and a £40 Land Registration fee.
READ MORE: Autotrader redevelopment can begin as legal agreement is agreed
The development of the site will be conducted by VRE Industrial Partners (VREIP), a ‘value-add industrial and logistics’ subsidiary of Vengrove.
Will Hunting, partner & head of investment at Vengrove, said: “The acquisition of the Reading site marks VREIP’s first ground up development deal and is an example of Vengrove’s capability as a truly vertically integrated fund manager.
“Utilising our inhouse development and project management team to support the due diligence process and, post-acquisition, managing the development through to project completion.
“Once built, the new unit will provide fantastic balance to VREIP’s portfolio, adding a high-quality unit with strong sustainability credentials, targeting BREEAM Excellent, in a prime Thames Valley location.”
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