Friar Street has long been a neglected area in central Reading that houses mainly secondary retail outlets. Osborn Securities speculatively acquired the site to maximise its potential.
Strategically placed between the station and the main shopping area, this offered significant opportunities. Our skills in working with planners ensured that consent was granted for a 14-storey hotel development and two 9-storey residential blocks of flats.
We were instrumental in negotiating a lease to Accor SA for development of two of their hotel brands - the Ibis (182 rooms) and Novotel (178 rooms), which opened in September 2006. The 112 residential flats included both private and housing association accommodation. These were all successfully sold.