Royal Heights is centrally located in Reading Town Centre, near Reading University and transport hubs. The site is situated just a few minutes’ walk from local amenities within the town centre, including a large range of shops, restaurants and bars. There are direct trains running from Reading to London Paddington in under 22 mins, making it an ideal commuter town. Moreover, we saw the Crossrail opening as an additional potential demand driver, further adding value.
We purchased this property unconditionally. It was a vacant office building, with large car park, where we obtained Permitted Development for 49 apartments and outlined a new build residential scheme on the car park for an additional 50 apartments. Additionally, we recognised potential to add two more floors on top of the existing building.