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Developer buys the former HQ of Autotrader in Reading

By Steve Charnock
25 May 2022

The ex-headquarters of the famous Reading car listings company Autotrader has finally been purchased by property developers. Autotrader House and its next door neighbour Hartman House in Lower Early, Reading, have been bought by the investment firm Vengrove.

The deal is believed to be worth in and around £16m. It's a significant purchase, although not that large in the context of the investor; Vengrove own more than 70 commercial properties worth in excess of three quarters of a billion pounds.

After acquiring the site, the investment firm plans to demolish both buildings and build a new industrial unit which it will let out.

The site's development will be entirely dealt with by a ‘value-add industrial and logistics' subsidiary of Vengrove called VRE Industrial Partners (VREIP).

Will Hunting, a Vengrove partner & the firm's Head of Investment said this about the purchase: “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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