Exact Science p3 Work Happy p4 In the Pipeline p7 Inside Thames Valley Keeping employees Current planning Science Park healthy & happy applications in the region

ThamesDECEMBER 2017 ISSUE 2 – QUARTERLY www.tvproperty.co.ukTap Passengers join One step beyond… Frasers Centrepoint The business park that time forgot is undergoing a transformation to place it to press for train among the most modern in the Thames Valley. service changes

rasers Centrepoint, the new owner of Winnersh Triangle, is supporting Femployees of occupiers in a bid to ensure new faster train services stop there. South Western Railway’s (SWR) proposed new timetable will provide two additional trains on the Reading to Waterloo line, but under current plans neither will stop at the park where 5,500 people are employed by 60 businesses. The new services shave eight to 10 minutes off total journey time between Reading and Waterloo, a move welcomed by bosses at the 90-acre park where the station is used The new café in the Arlington Business Park in Theale by more than 500,000 people a year, a 41 per cent increase over the past five years.

BY ALAN BUNCE been, for various reasons, a lack of inward Upgrades to the station to Parkway status are also in the pipeline, with a £3 million NEWS EDITOR investment in the business park; a lack of capital expenditure for a number of years investment recently announced from Thames Valley Property which had left it unlit and behind the curve. Thames Valley Berkshire LEP. [email protected] Dozens of employees have responded so far ”What did we see as an attraction? The to the train operator. connectivity of the park to the M4 and via business park which had become one Theale station is great as is the car parking Elaine Jarvis, a training specialist at Evertz of the most dated in the Thames Valley ratio, one of the best in the Thames Valley APAM Director - Chris Taylor Microsystems, is a regular commuter from Ahas been transformed into one of but the real opportunity was to completely Maidenhead and says the current service the most modern. A joint venture between reinvent the park. There was a lack of However Mr Taylor says APAM wanted to to Winnersh Triangle and facilities at the Patron Capital and APAM bought 11 amenity on the park. Historically the park has offer something special. An idyllic lake in station are already poor. buildings on Arlington Business Park totaling had lots of buildings that were single let. the centre of the park between the buildings 360,000 sq ft in March 2015 and began a She added: ”The new departure times are presented an opportunity to create a ridiculous for anyone arriving at the Winnersh programme of bringing it up to and beyond ”Those tenants had taken a building and signature feature where no land existed. Triangle. Business start times are at the top modern requirements. put their own café in it, so each building was of the hour or the half past the hour - which effectively isolated. Everyone who wanted Mr Taylor said: ”We wanted to do something the current arrival times fit well. A new café with cashless payment system, amenity space, built their own. There was different, something unique for the tenants gymnasium, floating meeting room on the no connection between the buildings and its that are here. Tenant feedback showed that ”Winnersh Triangle serves two hotels and a lake, concierge services and a tenant events tenants and no community feel to the park. our occupiers craved external meeting room large number of business. Our needs have programme has given new life to the Theale We needed to readdress the balance.” and events space they could use outside of time associated to them.” business park. the four walls of their office. (Continued on p3) Details of the changes can be seen at He said as the park’s new owners they could https://www.southwesternrailway.com/ Now those services have been unveiled along see an opportunity to upgrade and improve contact-and-help/timetable-consultation with upgraded building reception areas and the offer for tenants and their employees and park-wide landscaping. There is also new make it a more attractive and desirable place The consultation closes on December lighting and signage upgrades underway to work. 22. Comments can be sent to timetable. and two building refurbishments are to start [email protected]. If you need imminently. A survey of 1,500 tenant employees shortly We wanted to do something more information on the implications of the after APAM acquired the park revealed an timetables, please contact Richard Tyndal at APAM director Chris Taylor said: ”We bought unsurprising desire for a café but a higher- different, something unique for Thames Valley LEP on 07880 787007. the park with the view that it needed than-expected demand for a gymnasium, For more on this story go to repositioning. We perceived that there had both of which were subsequently created. the tenants that are here. tvproperty.co.uk Independent NEWS & VIEWS reported daily from across the Greater Thames Valley ThamesTap Calendar of Meet the team… THE BUSINESS 2018 Events OF PROPERTY MATTHEW BATTLE Publisher & Managing Director e: [email protected] t: 07768 377172 TUESDAY 9th JANUARY WEDNESDAY 18th APRIL Oxfordshire Property Festival - Corpus FTC Thames Valley - Green Park Christi College and Bodleian Libraries Conference Centre Walks, talks awards and music to Networking lunch, sponsored by Blandy celebrate the property scene in Speakers, networking, lunch and lots ALAN BUNCE & Blandy. Oxfordshire. more. Editor Speaker TBC. e: [email protected] Further FTC Thames Valley events t: 07890 997824 (details to be confirmed) are on the following TUESDAYS in 2018: 6th February, 6th March, 10th April, AMY CHARLES TUESDAY 13TH MARCH - THURSDAY 13th 1st May, 5th June, 3rd July, Events & FRIDAY 16TH MARCH SEPTEMBER 4th October, 1st November, Conference Director MIPIM Cannes Thames Valley Property Forum 6th December (Figgy Pudding UK Property Forums will lead a delegation. Green Park Conference Centre Christmas Lunch). e: [email protected] t: 07508 021084

Every Monday LOUISE LUCAS Design & ThamesTap at 3.00pm New Media Sign up TODAY e: [email protected] Get the latest NEWS & VIEWS in our FREE e-newsletter t: 07786 130008 delivered direct to your inbox. At www.tvproperty.co.uk

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VAI.WIL.347 Thames Tap Edition (The Winter Edition) V4.indd 1 21/11/2017 10:25 thames tap ad red.indd 1 21/11/2017 16:30:33 2018 completion for Barclays Eagle cancer treatment Lab sneak peek Graham Construction has provided these new views of the This is a rare glimpse inside the new space where Barclays Proton Partners building at TVSP. Eagle Lab will be teaming up with some of the region’s most exciting start ups. he firm which has also worked on the Gateway building, says a systematic Tmanagement system helped various elements of onsite and offsite construction for the £30 million Proton centre which is due for completion in 2018.

When complete it will include facilities for proton beam therapy, a linear accelerator, as well as a CT suite and an MRI.

Proton Partners expects to be treating up to 500 patients a year and will accept NHS patients, medically-insured private patients and self-paying patients.

nnovation Catalyst, a joint venture involving TVSP director David Gillham said: ”As a the bank, VitalSix and Thames Valley Science partner in Innovation Catalyst, Thames Valley IPark (TVSP), will operate from this office at Science Park shares the vision to create a the park when it opens next year. much needed anchor for innovation; It is the physical centre of a virtual community to bring The 60-seat co-working hub will offer expert closer together businesses, the University of help and mentoring including a 16-week Reading, investors, expertise and more.” Accelerator programme. Barclays is currently seeking to recruit a manager. Contact [email protected]

One step beyond… (continued from p1)

”We looked at using vacant built space across floors themselves to create smaller spaces for their businesses hopefully expand or, in the park to provide this but then thought ‘lets the burgeoning SME market. some cases, contract. We would much rather do something quirky and use one of the park’s a tenant downsize on the park than leave most desirable features, the lake itself’. The That strategy, he said, is wholly consistent altogether. Providing amenity on the park is facility is stunning and our tenants can’t wait with APAM’s place making strategy. one element of this but ultimately the value to use the floating pavilion when it opens of strong landlord/tenant relations is key.” The floating meeting room, ”We want to create a diverse multi-let next month.” environment where we can offer tenants Visit www.tvproperty.co.uk for more on this. exclusive to APAM’s tenants will ”We wanted to take Arlington up to the level flexibility of occupation and assist them as of its peers and we have been working to take offer a venue & view few can match it one step beyond. There should be more engagement between the buildings and the tenants themselves.”

The new facilities are exclusive to APAM’s tenants on the park through a scheme called ”Around the Lake”. A membership/entry swipe card doubles up as a cashless payment card and that exclusivity ensures it remains an attraction for occupiers. The floating meeting room will offer a venue and view few can match.

Mr Taylor said while several major occupiers remain on the park, including Wrigley, Clearswift and CTIL (a joint venture between Telefonica and Vodafone), and more are welcome, today’s most vibrant market is among growing SMEs wanting between 2,500 and 15,000 sq ft.

Mr Taylor believes that demand requires greater landlord flexibility of its space An artist’s impression of the floating pavilion including sub-dividing not only buildings, but

p3 Rumours & Creating a happy and healthy Innuendo workplace environment Going south Wellness as a feature of workplace design was debated by a panel of experts at a Thames Tap n Two self-storage companies plan to be roundtable event hosted by Three Sphere Workplace held in The Boathouse in Teddington. setting up in Bracknell – within yards of one another. Below is a taster from the debate. Keep an eye out on tvproperty.co.uk for a full report.

n Big Yellow has acquired a two-acre site ariety is essential in the workplace to from Segro on part of the former BMW help keep employees happy and healthy. site, now known as Segro Park, on the VProviding a range of different types of Southern Industrial Area. workspaces within an office, emerged as a key element in the debate. n It plans to apply for planning Victoria Lockhart, director of business permission soon and hopes to start development Europe for the International building next year. Well Building Institute gave a statistic n But the news comes just as Access that the physical and social environment Storage has acquired the former influences more than 50 per cent of what Panasonic site in adjacent Willoughby constitutes individual states of health at any Road for £10 million. one point in time. She added: ”That’s actually more important than n The three-storey building is on a 4.8- your own genetics, more important than the acre site which Panasonic have left to quality of your own doctor, hospital or medical seek a new town centre base. facilities at your disposal and that’s a really interesting message to be sending to people.” Antony Phillips, partner at law firm Field Fisher a different temperature from his colleagues. explained how his business is going through He added: ”But what if I could come in, sit in a a process to create the best environment corner, for 20 minutes and open the window? and one of the key messages is variety in I’m not going to bother anyone else. And then worksettings. it’s ‘yes, do what you want, you’re an adult’. He told the debate: ”It’s that variety so that There is that kind of shift now.” Providing a range of different you’re not sitting at your desk in one position A whole other issue is how much influence the all day. You might need one or two hours to go workforce has over its environment and what types of workspaces, emerged as to a quiet environment to fully concentrate.” impact that has on the way people work. a key element in the debate. And he raised the question: ”If you’ve got three of four different environments to work in, is that part of the solution?” Maxis all areas Steve Hutton of Three Sphere Workplace suggested alternative working environments n Panasonic’s move from Willoughby are very much the solution, providing it’s an Road could mean a prestigious new environment that the workforce actually want, rather than it being something that’s done client for the Maxis development in the Planning · Design · Heritage · Economics · Sustainability · Engagement Western Industrial Area. without any thought.

n Rumour has it the Japanese technology Chris Moriarty, managing director for UK giant has taken two floors there while & Ireland for Leesman, the survey and Pinewood Studios University of Reading there are three more likely occupiers benchmarking system, which is used to ready to take a further 40,000 sq ft help firms maximise staff and environment between them. performance through analysis, explained that even in some of the buildings which rate highly n If all the deals go through the for workplace satisfaction, 40 per cent were development will be 95 per cent let. unhappy about temperature control. The building is set to become part of But he said there was recognition of diverse Frasers Property International. wishes of staff and illustrated his point by suggesting if he cycled to work he would want Reading retail

Retail units in Reading continue to come Image courtesy of Stride Treglown and go. Winnersh - a Premier Inn, Beefeater and Costa n A planning application has been submitted for new signs for German Doner Kebab to open at 106 Friar Street.

n Stylish Peruvian restaurant Ceviche plans to open in the former Jacksons department store, occupying the unit which had been earmarked for Franco Manca. Franco Manca instead opened at The Oracle. Image courtesy of Arup Associates Image courtesy of Arch-e-tech Design Ltd

n The Nationwide plans to close its two town centre branches at 99 Broad Street and 1 Station Road and replace them with one at the former H&M store Shaping better places in Broad Street.

n Escape Hunt Group has applied to turn an upstairs unit at 1B King’s Walk The Pinnacle · 20 Tudor Road · Reading · RG1 1NH (now known as The Village) into a new 0118 902 2830 turley.co.uk ‘escape the room’ experience. p4 Bringing Award winning, global, imagination independent construction, property and management to life consultancy COST MANAGEMENT & QUANTITY SURVEYING | PROJECT & ƒ COMMERCIAL PROGRAMME MANAGEMENT | BUILDING SURVEYING & H&S ƒ RESIDENTIAL | ADVISORY ƒ EDUCATION ƒ RETAIL PROJECTS INCLUDE: ƒ SPORT 25Y+ The Porter Building, ƒ NUCLEAR Experience and expert knowledge ƒ HEALTHCARE Landid & Brockton of delivering key projects in the Thames Valley region ƒ INFRASTRUCTURE The Charter Building, Uxbridge Landid & Brockton Thames Tower, Reading | Re-thinking a Reading landmark The Point, Maidenhead Capella Estates RLB.com Michael Righton Thames Valley Science Managing Partner Park, Reading 450 3600 Staff RLB | Thames Valley +44 118 974 3600 University of Reading UK Staff worldwide www.jansonsproperty.com 1000 Eskdale Rd, Winnersh, [email protected] Wokingham RG41 5TS [email protected]

ARLINGTON BUSINESS PARK READING, RG7 4SA New amenities on site Exclusively for our tenants: New gym and exercise studio Low membership fee and free classes. On site new café with lounge area Free WIFI and charging facilities – hospitality service available. Board room style meeting rooms With TV screens and teleconference facilities including Arlington’s soon-to-be-completed Floating Pavilion situated on our lake!

aroundthelake.co.uk

Grade A office space available the bowl 2,500 – 40,000 sq ft

p5 Major new festival for Oxfordshire Thames Tap publisher UK Property Forums has teamed up with OxLEP to launch the Oxfordshire Property Festival, the first event of its kind in the county.

he event, which will take place on April ”Meanwhile, with strong retail successes like 18 at two of ’s world-famous and the recent £440m redevelopment of Westgate Thistoric locations; Corpus Christi College Oxford and the opening of 30 new stores at the and the Bodleian Libraries, will connect all the internationally-renowned Bicester Village – the major players in Oxfordshire’s property market. property festival will undoubtedly showcase similar achievements that have significant The festival – labelled OxPropFest - will national and international impact.” feature walks, property discussions and debate, awards and music and it is hoped it will become Matthew Battle managing director at UK a regular date for the business community. Property Forums said: ”With the strategic support and direction of OxLEP we are really OxLEP chief executive, Nigel Tipple said: pleased to be involved in creating an exciting ”We are delighted to be partnering with new event for Oxfordshire which celebrates UK Property Forums for the first-ever the diversity of the property sector and its Oxfordshire Property Festival. Oximportance OXto the region.FORSHIR E ”This event will be an excellent opportunity ”Working with several Oxfordshire based to showcaseO some world-classx investment PFcompanies, thePROP aim is to coverFE a wide range of opportunities that exist across Oxfordshire, as issues including housing, transport, business well as celebrating associated property success. creation and new investment.

”Oxfordshire continues to reaffirm a world- ”Whilst these important leadingP economic position.F Recently PwC’s issues cannot be solved in ‘Good Growth for Cities’ report announced an single day, OxPropFest Oxford as being one of the two highest- could become an importantOx PROPFE performing cities – in relation to growth – forum for discussion and anywhere in the UK and this follows Bidwells debate about the business of autumn announcement that – in the first property in Oxfordshire.” six months of this financial year – business spaceOx requirementsOX in OxfordshireFORSHIR increased VisitE https://oxpropfest.com by 74 PFper cent. PROPFE Ox Prop FOR NEW2018 OPROP O x 2018 P F FESTIVAL 2018 FE

WEDNESDAY 18TH APRIL 2018 Listen to inspirational speakers talking about the future of Oxfordshire and the changing perceptions of the property landscape

Exciting events not to be missed include:

WALKS TALKS AWARDS MUSIC For more information contact: t: 0203 478 7340 or visit www.OxPropFest.com p6 MM11759_ThamsTapAdvert_179.5x135mm_AW.indd 1 07/11/2017 15:55 What’s in the pipeline? 5 current planning applications in the region We asked those behind some of the major long term projects in the Thames Valley for an update on their schemes. Here is what we found out:

Station Hill, Reading he options of either a partner or a buyer to take the £500m Station THill scheme forward remain on the table. Sackville Developments Reading, a joint venture between Benson Elliot and Stanhope, has confirmed to the Thames Tap that if another party wants to either invest in, or buy, the site it would be open to approaches. Sackville appointed CBRE earlier this year to market the site and, although it was reported in the property press that the developer had been unable to find a buyer and had changed tack to seek an investor instead, Sackville confirmed to the Thames Tap that there had been no change and a partner or investor were always two available options. In addition the company issued the following statement: ”Plans have been approved for the first phase of the project which will, create a new urban square in the centre of Reading, offering more than 90,000 sq ft of vibrant retail and leisure space, along with four office buildings and 300 apartments. With nearly 930,000 sq ft of highly flexible office space, this is the largest mixed-use development of its kind in the south east. ”In 2016, we opened the Biscuit Tin, to provide space for community and culture events. 2017 has seen Station Hill host many exciting events including, a fitness dance fiesta, a summer beach festival, Oktoberfest and most recently a Christmas Après bar. We are enthusiastic about the opportunity to bring the maximum benefits of regeneration to the area and are getting on with all the necessary preparatory work to deliver the scheme.”

The Landing, Maidenhead TVU site, Slough Oxpens, Oxford Windsor Link Railway

oardings have gone up around the lmost eight years after it closed, the he long-awaited one million sq ft mixed feasibility study for the radical £200m site of the £250m retail, office and launch of a masterplan for the Thames use scheme in the centre of Oxford privately-funded scheme which aims Hresidential scheme while land assembly AValley university site in the centre of Tmoved a step closer when joint agents Ato replace Windsor’s two stations with issues are tackled. Slough in expected imminently. Bidwells and JLL launched a search for a one, provide new parking and eventually novel development partner. rail connections with Heathrow and , HUB came in as development manager this A residential-led mixed-use scheme is currently being considered by . year and will work with developer and including around 1,400 flats along with The site, close to rail and river connections Aberdeen on the 3.1-acre site. retail and offices is planned to be launched and within easy reach of the Westgate centre The man behind the project, former Royal by site owner Slough Borough Council in the would likely include residential, offices, hotels, Borough councillor George Batthurst said he Planning permission was granted in new year. retail, and leisure. A development partner will hopes to be able to hold public engagement September 2015 but a revised planning be appointed in spring 2018. process next year through the Prince’s application has now been submitted which Public consultation has already taken place Foundation for Building Community. shows an altered layout that will link to for the nearby library site where two hotels Oxford West End Developments Ltd (OXWED), the new Broadway car park which will now and around 60 flats are proposed. a joint venture between Oxford City Council And he is still on course to submit a planning provide all the development’s parking. and Nuffield College, now owns the site. application later in the year. It is hoped work will start in 2018.

Do you know of a development that you would like to feature in the next issue? Please call or drop us a line on 0203 478 7340 or [email protected].

p7 ‘People don’t care about Jitters in buildings anymore’ the market A cross section of experts gathered for a roundtable event on business space at Brexit continues to make Winnersh Triangle, organised by the Thames Tap. developers nervous.

ail Williams partner Charlie Nicholson highlighted Winnersh Triangle in an Voverview of the Thames Valley market. He said: ”We took the brave decision to put a spade in the ground and invest in new spec office building (1030 Eskdale Road) and let it Becton Dickinson - a 65,000 sq ft building. So if you have the confidence to put the spade in the ground, invest in the right product that’s well connected with parking, close to connectivity in terms of the train station here, it will let. It’s having that confidence to do it.” Mr Atkinson said space in Reading had improved over the last 20 years but asked whether co-working and co-living space could work at business parks or be focused around town centres. He added: ”I think it’s a very interesting time in the market to see where that leads.”

ommunity and talent are what start She added: ”We don’t have anybody here to The meeting featured (pictured clockwise ups and SMEs want more than the create that vibe. In Reading town centre there from centre left): Bracknell, he said, presented an interesting building they are in, delegates were told is nobody to create that vibrant space. You example. The downturn caused almost two C CHARLIE NICHOLSON at the business space roundtable at don’t have somewhere the cool kids go and million sq ft of empty space with TMT hit Winnersh Triangle. hang out.” Partner, Vail Williams hard. That’s now below 700,000 sq ft. Guests agreed that Thames Valley Science Earlier Mrs Campbell noted the Knowledge MATTHEW BATTLE Bracknell had lost stock through permitted Park was going to provide a huge attraction Transfer Centre proposed for TVSP and Managing Director, development rights. But sites without for the region. said the there would be a strong effort to UK Property Forums (Chair) tenants, said Mr Nicholson, could be commercialise the park’s innovation. Louize Clarke, founder and director of Connect ‘hanging around for a while’. TVT, said while she agreed the park would She said there was also efforts by Reading PHILIP ATKINSON A similar waiting game was reported by Mr be great for the area, the region was playing UK to create a space in the town centre for Managing Director, Orbit Architecture Royle. He said: ”There are some very large catch up in terms of attracting talent. start ups. But Mrs Clarke felt the knowledge requirements out there at the moment transfer concept was ‘almost irrelevant’. MIKE RIGHTON She said: ”We are miles behind Cambridge but they’ve been out there probably 12-18 People want to be part of a community. Managing Partner Thames Valley, and Oxford. I think it’s a brilliant thing but it’s months and they are probably still going nothing new and we are behind the curve. She said: ”I’d go to Basingstoke. I spend my Rider Levett Bucknall to be there in another 12 months because life looking at the UK and tech clusters and Brexit is hanging over the market a little bit.” ”I look at it very much from the talent they’ve got independence there, they’ve got RUPERT BATHO perspective. People don’t really care about But a familiar cycle was predicted by Mr space, they are definitely pretty edgy so for Director, Frasers Property. buildings anymore, it’s about the talent set. Jansons who said the lead in period for new me that’s a much more attractive place. It’s developments would cause a rush but not FRANCES CAMPBELL ”I know several corporates in the area are only an hour into London. for some time. He said: ”From gestation, looking outside of the Thames Valley to find Enterprise and Projects Manager, Thames ”Reading doesn’t have that independent planning through to actually delivering their digital talent. Valley Berkshire LEP scene. It’s fairly faceless so I think it’ll be quite something, there is such a long timescale that, when the market’s picking up, you find ”We’ve got a whole digital revolution coming a struggle for Reading to get that digital vibe.” LOUIZE CLARKE occupiers and investors tend to all come and I think it’s more important where Mr Hill said the tech cluster at Aldgate had Director, Connect TVT through at the same time.” they are. They’re not going to have big HQ sprung up through attracting start ups by its buildings, they are probably going to be pricepoint with a market generated by talent JONATHAN HILL But Mr Jansons said a crucial question dotted all across the UK, depending on where who liked to be pooled together. Chairman, Scott Brownrigg before starting development was where the talent is. rents would come from and where in the Ms Gilham reported increasing numbers of cycle, the market was. ”That scares me. If you’re a small business, AMY GILHAM people moving out of London for cost reasons where can you go and set up right now? In Director, Economics, Turley and considering cities such as Birmingham. He said: ”We’ve had a cycle, we’ve had a big the town centre everyone is being pushed Some went to outer London boroughs. push in rental growth. Are we at the stage out of their small offices. Regus is not fit CHARLIE ROYLE now where it has plateaued in terms of for purpose, we’ve got Spaces coming in but She said: ”Some of the examples we are Assistant Portfolio Manager, AEW rents? From the developer’s point of view that’s just another Regus.” seeing are in outer London boroughs such and the fund’s point of view, you’ve got as Ealing where quite grotty sites are being ANDY JANSONS to think ‘where is it going? Is there more She said the lack of Category B space, much of snapped up by developers to develop co-living growth? Or have we seen that push in rental it lost to permitted development, will cause an Managing Director, Jansons Property co-working spaces.” values?’ That’s the thought process you’ve issue going forward and highlighted the lack got to take on board.” of popular space like that at Buzz in London. She asked if something similar could work locally. Those headline rents, according to Mr Nicholson, are close to £40 per sq ft in Reading. He reported a ‘positive summer recharge of people out looking’ but warned Contact us: that could mean a shortage of stock. If you would like to get involved in the next issue, or would just like to talk to us, please call or drop us a line. “I think they may see over the horizon, there Our main number is 0203 478 7340 and our generic email is [email protected]. is potentially not enough fit-for-purpose good space out there.”

Independent NEWS & VIEWS reported daily from across the Greater Thames Valley