NewFlex, PepsciCo and PwC will occupy over 115,000 sq ft of prime office space

More than 40 per cent of the landmark Reading office development is now let, with practical completion anticipated in October

The joint venture between Lincoln Property Company (‘Lincoln’) and MGT Investment Management (‘MGT’), has announced 115,000 sq ft of prime office lettings at its £850 million landmark 6.5-acre mixed-use Station Hill development in Reading.

International businesses PepsiCo, PwC and NewFlex have become the first occupiers at ONE Station Hill taking the office building to over 40 per cent let ahead of practical completion in mid-October.

PepsiCo will take 38,255 sq ft (3,553 sq m) across floors 7 and 8, and a private terrace of 3,853 sq ft (358 sq m).  Professional services company PwC – which has 19 offices across the UK – has signed for 41,954 sq ft (3,897 sq m) across floors 5 and 6.  NewFlex – a pioneer in ‘space-as-a-service’ solutions – will take 31,765 sq ft (2,951 sq m) of space across floors 1 and 2.

PepsiCo is consolidating its existing office space, which is currently located on the edge of Reading at Green Park, in favour of the town centre position offered by ONE Station Hill, while PwC is moving from existing premises only a short walk from the building.  NewFlex has recognised Reading’s huge potential for continued growth as a flexible working operator location at the hub of the Thames Valley region with access to the Elizabeth line.  The space will be NewFlex’s first workspace in Reading and the company is currently touring potential occupiers for an October start.

ONE Station Hill—designed by leading international architect Gensler—is located directly opposite Reading railway station and is part of the transformational development of the town centre, creating a connected live-work-play experience. The office building is arranged across lower ground and ground floors and fifteen upper floors, with roof terraces on floors 8 and 15.

The development offers a wide range of facilities designed to encourage a positive, healthy work lifestyle for occupiers—including rooftop yoga—set in two acres of landscaped public realm and improved pedestrian accessibility. As well as being an all-electric building using air source heat pumps and extensive smart building technology, ONE Station Hill targets BREEAM ‘Outstanding’ certification, a Platinum ‘WELL’ score and an EPC ‘A’ rating.

ONE Station Hill forms part of a more extensive 2.5 million sq ft (232,257 sq m) mixed-use development, which includes a total of 625,000 sq ft (58,064 sq m) of best-in-class office space and up to 1,300 homes, 598 of which have already been delivered in the neighbouring Ebb & Flow development. The project also includes 95,000 sq ft (8,825 sq m) of lifestyle-led retail and leisure space.

This autumn, the JV will connect Friar Street to the Station via its pedestrianised public realm, creating a safe and enjoyable welcome to the town.


Evan Reynolds, Development Director for Lincoln—and on behalf of the JV—said: “For over 20 years, the Station Hill site remained undeveloped, leaving a significant gap in an area that should welcome those arriving in the capital of the Thames Valley—until now.

“The commitment from three tenants of this calibre, for terms exceeding ten years, speaks volumes about the positive impact of well-executed town centre regeneration. Each tenant has embraced our vision that the workplace should be a destination—a best-in-class workspace with premium amenities, easily accessible and set in a fully curated environment. Only by providing all of these can we truly say that ONE Station Hill is setting the new standard for Grade A office development.”


Jason Richards, General Manager, PepsiCo UK & Ireland, said: “We are excited to be moving to One Station Hill in 2025 and being part of the new vision for a vibrant, regenerated Reading town centre.  ONE Station Hill will offer our UK-based employees a modern and collaborative workplace that supports our flexible ways of working. Furthermore, the building has been designed with sustainability in mind, reflecting our own commitments to reducing our impact on the environment.”


Gareth Murfitt, Reading Senior Partner at PwC, said: “I am thrilled to announce the signing of the lease for One Station Hill in Reading.  As one of the fastest-growing urban centre economies, with improved infrastructure, the arrival of the Elizabeth Line and updated railway networks, the area is becoming increasingly attractive for investment.  This new office space reflects our commitment to our people, clients, and the local community in Reading and the Thames Valley.  It demonstrates our dedication to creating a dynamic, collaborative, and efficient working environment that fosters inclusivity and prioritises sustainability.  This move will reinforce our presence in Reading and the Thames Valley, enabling us to continue making a positive impact on the local market and contributing to the growth of the local economy.”


Steve Jude, CEO of NewFlex, commented: “Given that it supports more than 15,000 businesses ranging from start-ups to globally recognised brands, Reading has solidified its reputation as a premier international business hub, particularly in the science and technology sectors.  As one of the fastest-growing urban economies in the UK – bolstered by the strong impact of the Elizabeth line and the rapid link this provides to London – Reading stands as a pivotal destination for ambitious businesses.  We’re delighted to have been selected to manage more than 30,000 square feet of flexible workspace and eagerly anticipate welcoming businesses and entrepreneurs later this year.”


Notes to Editors

For media enquiries please contact: Paul Stelmaszczyk, Redwood Consulting: or +44 (0)20 7828 5553 / +44 (0)7808 870704


About Station Hill

Lincoln MGT, a joint venture between Lincoln Property Company (‘Lincoln’) and MGT Investment Management, is bringing forward Station Hill, the landmark, market-leading £850 million mixed-use development with sustainability and community at its heart, creating a new focal point in Reading and setting a new benchmark for regional regeneration.

Station Hill is transformational for the city and will create a new thriving hub for businesses, residents, and the wider community in the centre of town, within walking distance of Reading’s new Elizabeth Line station.

Once complete, Station Hill will comprise up to 625,000 sq ft of best-in-class office space, which will cater to over 8,000 employees, 1,300 private and affordable homes, a 600-unit Build-to-Rent community, 100,000 sq ft of new lifestyle-led retail and leisure space, including potential for a 200-bed hotel, later living accommodation and two acres of new public realm designed to be accessible to all users offering a variety of experiences.

ONE Station Hill the office element of the development which is currently under construction and will be ready for occupation in 2024. A strong commitment to sustainability and the highest levels of energy efficiency are at the core of this ambitious project, which will achieve a net zero carbon footprint.


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About Lincoln Property Company

Lincoln Property Company (“Lincoln”) is one of the largest diversified real estate services companies with 35 offices across the United States, the United Kingdom and Europe. Offering a comprehensive suite of real estate solutions, Lincoln manages, leases, develops, and provides advisory services to owners and occupiers of office, life science, retail, industrial, data center, production studio, and mixed-used properties. Lincoln’s combined management and leasing portfolio on behalf of institutional clients includes approximately 500 million square feet of commercial space. In addition to providing third party real estate services, Lincoln, which was founded in 1965, has principally acquired and developed more than $24 billion and 62 million square feet of commercial projects since 2018. For more information, visit:


About MGT Investment Management

MGT is an independent pan-European real estate investment and asset management business focused on thematic real estate strategies. Our investment approach is analytical, data driven, and guided by understanding investment cycles, market segmentation and macro demographic trends.

MGT’s current focus covers both multi-family and single-family build-to-rent residential as well as counter-cyclical residential investment in London.

MGT is based in London and currently has an investment programme of over £1bn in progress in the UK including over 2,000 residential units and over 600,000 sq ft of commercial space.  MGT is backed by a series of private family offices as well as a number of globally recognised investment partners.


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