Wates' foot in door on £100m Berks scheme

Wates has scooped the first two phases of a high-profile £100m redevelopment deal in Berkshire.

The firm is now poised to start work in earnest this month on the Winnersh Triangle site in Wokingham for locally-based developer Segro (Slough Estates Group) after a two-stage negotiated tender exercise.

The initial phase of the scheme, worth £42m-plus to Wates, consists of two office buildings, known as 1010 and 1020, to be constructed on a podium deck, plus retail space including restaurants, and spanning 1,840m2.

A 168-bedroom hotel is also included in the first phase, but will be undertaken by another contractor whose identity is not yet known.

Phase two includes a further two office buildings, dubbed 1030 and 1040, bringing the total office space to 35,790m2.

Phase one is due for completion by the middle of next year, with the second phase expected to be finished during 2011.

Further projects are being planned for the 32ha site, which will see floor space increase by about 50% to around 185,800m2 when the full-blown development is complete in 15 years' time.

An insider said: "Wates has got more than its foot in the door, which means it's in a strong position to negotiate the following stages of the project."

Approximately 3,000 people currently work at the Winnersh Triangle site, rising to up to 20,000 when the entire project is completed.