Lincoln MGT, the joint venture partnership between Lincoln Property Company and MGT Investment Management, has unveiled the first phase of its plans for Station Hill, Reading, a £750 million redevelopment of the gateway site surrounding Reading's station.
Lincoln MGT, a joint venture between Lincoln Property Company and MGT Investment Management backed by Baupost, bought the six-and-a-half-acre Station Hill development site - one of the South East's largest development opportunities - from Sackville Developments Reading (SDRL), a joint venture between Stanhope and Benson Elliot in June 2018.
The site had consent for around 900,000 sq ft of development, principally offices, alongside 86,000 sq ft of shops, 13,000 sq ft of leisure and 300 flats.
Lincoln MGT said it has "worked hard with Reading Borough Council to develop a renewed vision for Station Hill". The first phase of its plans now focus principally on homes and a significant increase.
It said the combined ambition to support the economic and housing need of Reading at this key development site has led Lincoln MGT to revisit the outline planning consent.
The latest application seeks to revise the first phase of consented residential accommodation to deliver 538 homes for the private and affordable rental market.
It said: "The new rental homes have been specially designed for this market and will be professionally managed with an on-site maintenance team, concierge and a strong emphasis on communal areas. This will sit together with circa 25,000 sq ft of commercial and leisure accommodation to further enhance the public realm and create a new neighbourhood hub. The application retains the same level of affordable housing as originally consented."
Alex Aitchison, director of development at Lincoln Property Company U,K said on behalf of the joint owners: “Our ambition for Station Hill is to deliver a best in class regeneration project that will create the new gateway that Reading deserves. As a truly mixed-use development, it will become a new town quarter that fuses contemporary living, working, leisure and open community space.
“Our plans seek to tap into the vast potential of this already impressive and ambitious area. We believe that our revised proposals, combined with a phased approach, is the best way to unlock this key site for Reading.”
A programmed commencement of demolition is due to start next month. The public consultation process on the latter phases of the north site, between Garrard Street and the station is timetabled for later in the year.
Lincoln MGT added: "The vision for the whole Station Hill site is for it to be a transformative project for Reading, creating a focal point for the town through substantial investment in new public spaces, landscaping, and greatly improving pedestrian accessibility."