Fire-hit tower set for new office tenants

One Station Hill office tower in Reading endured two fires last year

An office building due to be finished in October has received commitments from three firms that they will become new tenants.

The One Station Hill site in Reading was damaged by a fire in July last year and again in November, when a worker was dramatically rescued by a crane operator.

Food and drinks firm PepsiCo, business management consultancy PwC and co-working space operator NewFlex have all confirmed they are set to move in.

PepsiCo will relocate its 650 employees from Whitley into the new building, which is next to the town's train station.

Crane operator Glen Edwards lifted a man to safety from the fire

A total of £850m has been invested in the site, which includes apartments and a bar.

Reading’s Economy and Destination Agency (REDA) is responsible for inward investment and marketing of the town, including One Station Hill.

Nigel Horton-Baker, chief executive of REDA, said: “There have been numerous false starts in regenerating this part of Reading.

"The new owners, Lincoln MGT, have made excellent progress in transforming the Station Hill area with 1,300 new apartments already opened, new retail and hospitality, as well as the development of 625,000 sq ft of office space."

Evan Reynolds, development director at Lincoln MGT, said: “The commitment from three tenants of this calibre, for terms exceeding 10 years, speaks volumes."

One Station Hill tower is part of the town centre regeneration

PepsiCo is moving to the new premises as its current 10-year lease at Green Park is set to expire.

Jason Richards, the firm's general manager for the UK and Ireland, said the move would allow it to support flexible working and to meet its environmental commitments given "the sustainability of the new building".

Reading senior partner at PwC, Gareth Murfitt, said: "A place in Station Hill puts the company in one of the fastest-growing urban centre economies, helped by the Elizabeth Line."

Steve Jude, CEO of NewFlex, added that Reading had become a “pivotal destination for ambitious businesses”.