Barely a year after being sold for just under £11m, Reading Bridge House has sold again for over three times that.
This oddity of a building never ceases to amaze. It’s future as a commercial centre looked in doubt once the office market began giving way to home workers and technology. Then new laws made it easier to convert these places into flats and, given its riverside location, this building looked a prime candidate.
Then redevelopment of the station came along and Wrenbridge and Lumina spotted a bargain. Their recent sale to M&G raked in just under £18m in profit after a refurb. It seems hard to believe that this building sat there with £18m waiting for someone to grab it.
No matter what business brains we are led to believe exist in the banking industry and elsewhere, how many of them sat and watched this gigantic profit pass under their noses?
Read about it here.