Oval Real Estate, in partnership with Aljazira Capital and Iqon Capital, has started to redevelop of The Connection, a 38-acre business campus in Newbury, Berkshire, in a major speculative commitment to offices and life sciences in the South East.
Oval said the project aims to redevelop the former Vodafone House site into the business, innovation and life sciences hub along the M4 corridor, with completion anticipated in March.
Originally built in 2003 as Vodafone’s global headquarters, The Connection comprises seven office buildings. Following a sale-and-leaseback agreement in 2023, Vodafone occupies four buildings under long-term leases, while Oval Real Estate has started a comprehensive refurbishment on the first of the remaining three buildings, the external campus environment, and park facilities.
The redevelopment is due to take 12 months and will focus on creating "highly sustainable, flexible workspaces designed to attract high quality corporate tenants" in innovation-led sectors such as life sciences, research and development, and technology companies.
The first building to be delivered, the 57,447-square-foot Building 1, proposes 7,207 square feet of co-working space, meeting rooms, and adaptable office suites. It will also have a fitness centre, end of trip facilities, a sunken garden and café with outdoor seating. Oval said the surrounding landscaped grounds will be remodelled to promote collaboration and innovation in the large outdoor meeting pods.
The future phase proposes Building 2 of 75,000 square feet with floor plates from 25,000 square feet and Building 3 will be 53,125 square feet with floor plates from 15,000 square feet.
The re-design of the properties and campus grounds was developed by design and innovation firm Carlo Ratti e Associati in partnership with UK architectural practice AWW.
Will Parry, head of investment at Oval Real Estate, said in a statement: “Our vision is to establish The Connection as one of the premier business and innovation parks along the M4 corridor. By integrating sustainable design with state-of-the-art facilities, we aim to foster a vibrant community that supports innovation and growth. We can accommodate a single desk in the coworking space to an HQ campus so are excited to facilitate a thriving new business community”.
Marco Mauri, chief investment officer at Aljazira Capital, said: “We are proud to partner with Oval Real Estate and Iqon Capital on the transformation of The Connection into a world-class destination for technology and innovation. This investment reflects our commitment to long-term value creation through sustainable development and strategic international partnerships. The UK continues to be a key market for us, and The Connection represents an exceptional opportunity to support forward-thinking businesses in a thriving, future-ready environment.”
The developers said there will be a 24% reduction in whole life carbon emissions compared to a new build option and Building 1 aims to achieve BREEAM Outstanding and EPC A accreditations on completion.
Advisers are CBRE and BNP Paribas Real Estate.