Kier Property is poised to complete the year’s biggest letting in Reading to Yellow Pages publisher Yell Group.
Just one week after being picked to buy logistics heavyweight Helios Properties, Property Week can reveal the development and construction company is in pole position to develop a new 150,000 sq ft UK headquarters for Yell at its 600,000 sq ft Reading Central scheme in the Town Centre.
The scheme became the front runner after Yell terminated discussions with PruPIM at its Green Park business park scheme on the outskirts of Reading.
It is unclear at this stage what the terms of the pre-let are, however prime rents in Reading are pushing the £32/ sq ft barrier.
Kier secured 50% of the funding for Reading Central from Invista Real Estate in April. The first 245,000 sq ft phase is expected to complete in 2009.