Northwood Investors is poised to buy the Blade skyscraper in Reading for a price thought to be around £40m, Property Week can reveal.

Aviva Investors’ landmark building, which at 14 floors is the tallest in the town, spans 110,000 sq ft and is almost 80% let. The purchase price reflects a 7% yield.

The tower, which takes its name from the Sheppard Robson-designed spire on its roof, was put up for sale earlier this summer through Knight Frank.

It hit the market after achieving one of the town’s highest rents last year when law firm Gateley took the top floor at £34/sq ft.

The acquisition will be the latest in a string of investment deals in Reading as investors flock to take advantage of the impact of the Elizabeth Line opening in 2019.