February 21, 2019
Kingsbridge Estates has sold a substantial property in Bracknell to a private buyer, for £6.7m.
The detached property known as Summit House is a 33,500 sq ft former office building, converted into short stay serviced apartments.
Kingsbridge gained full planning consent to re-purpose the property to residential use, in some 65 units with over 100 car parking spaces.
Summit House is located on London Road close to the town centre which itself continues to undergo significant regeneration.
Kingsbridge’s development director Mark Hooper commented: “We disposed of Summit House as part of our renewed focus strategy to deploy capital into industrial development in the south-east. The property offers the buyer an opportunity to add further value.”
David Jones, of property consultants Knight Frank, who acted for the vendor, commented: “This represents an excellent sale, setting a new benchmark in land values for the conversion of a disused office building in Bracknell.”