Centrica’s deal to take 42,000 square feet at One Station Hill in Reading has been named Lease of the Year for South East of England in the CoStar Impact Awards, handed out by a panel of independent judges.
The multinational business, which is the parent company of British Gas, plans to relocate from less connected sites in Windsor to One Station Hill in a move to consolidate its business functions into a scheme near the rail station with strong amenities.
About the Project: This takes the scheme to around 70% occupancy, with Centrica agreeing to occupy two floors in the building at the third and fourth levels. It follows previous lettings to blue‑chip occupiers including PepsiCo, PwC, NewFlex, and Kenvue.
One Station Hill is an anchor building in the £850 million mixed-use Reading regeneration scheme and is owned and was developed by Lincoln MGT, a joint venture between Lincoln Property Company and MGT Investment Management.
The all‑electric building is powered by air‑source heat pumps, with smart building technologies. The sustainability focused scheme is aiming to achieve top credentials including BREEAM Outstanding, WELL Platinum and EPC A rating, which would set new benchmarks for the Reading market.
Amenities on site include rooftop yoga, landscaped public realm and a dedicated “live‑work‑play environment” opposite Reading’s mainline and Elizabeth Line station.
The relocation faced challenges including internal hesitations around the move from Centrica’s long‑established Windsor base while remaining functional, sustainability priorities and timeline constraints with a scheme still in construction.
What the judges said: Eamonn D’Arcy, professor of international real estate, University of Reading said the scheme showed the “greatest town centre economic multiplier impacts.”
Jonathan Mannings, founding director, Rare Consulting (UK) said: “I first introduced Centrica to the possibility of a move from their existing HQ in Windsor to Station Hill in early 2021. At the time the scheme still seemed distant both in timeline and viability. But as circumstances evolved, so too did the alignment between Centrica's requirement and what Station Hill could offer. Our early heatmap analysis of staff commuting patterns highlighted Reading as a viable location particularly given the scheme's proximity to the station and its links with Windsor. However, internal hesitation – particularly over moving from Windsor, Centrica’s long-time home – slowed the process.
“Over time and having looked at a variety of other options during the Covid lockdown it soon became apparent that few developments offered the quality and the connectivity offered by Station Hill and given Centrica’s downsizing from over 130,000 square feet to ultimately a net space take of just 42,000 square feet costs proved not to be prohibitive. In bringing Station Hill to over 70% let, Centrica's acquisition reinforces the Readings claim as the 'capital of the Thames Development' demonstrating that it doesn’t need City status to successfully attract some of the most outstanding tenants in the region."
They made it happen: Alex Aitchison, UK managing director, Lincoln Property Company UK; Callum Thorneycroft, managing director, MGT Investment Management; Tom Fletcher, director, Hatch Real Estate; Charlie Benn, director, Hatch Real Estate; Arabella Macrae, senior surveyor, Hatch Real Estate; Ollie McLeod, director, JLL; Stuart Austin, head of South East Office Market, JLL; Jeremy Langridge, senior director, occupier solutions; BNP Paribas Real Estate UK; Rob Barnes, director, portfolio management, BNP Paribas Real Estate UK; Mark Harrington, director, building consultancy, BNP Paribas Real Estate UK.