Reading Borough Council has agreed a deal with McLaren Living to push forward the £250m regeneration of the Minster Quarter.
The partnership, confirmed after the signing of a development agreement, will see over 600 new homes delivered on the 5.2-acre town centre site, with 30% marked as affordable.
The scheme will include 40,000 square feet of commercial space, a 102-bed hotel, new workspace, shops, food and drink outlets.
Plans also feature new public areas, including a ‘Hexagon Square’ by the Hexagon Theatre and a new community hub.
The development is expected to create a significant number of local jobs after construction.
The project is part of a wider programme in the Minster Quarter Regeneration Area, including Broad Street Mall, which together will deliver more than 1,200 homes.
Councillor Liz Terry, Reading Borough Council Leader, said: “This important milestone marks a significant step forward in the regeneration of the Minster Quarter.
“The Minster Quarter Central project, being delivered by the Council in partnership with McLaren Living represents an unprecedented opportunity to deliver one of the best located mixed-use development opportunities in the UK, right in the heart of Reading town centre.
“Our key aims throughout have been to secure urgently needed affordable housing for Reading, high quality public realm and a net zero development, in line with our wider net-zero ambitions.”
Terry added: “McLaren Living understands and shares the Council’s vision for the site, with a strong commitment to social value and experience of working successfully in partnership to achieve outstanding quality development quality and with the potential to create a landmark destination.
“The Council has secured this landmark £250 million investment in economic, environmental and community benefits for the local population.
“This Council’s ethos is to ensure everybody in Reading can benefit from the town’s undoubted success, and the Minster Quarter Central project is the perfect example of how that can be achieved.
“We look forward to working in partnership with McLaren Living to bring these exciting plans to fruition and deliver lasting benefits for Reading over the coming years.”
Matthew Biddle, managing director at McLaren Living, said: “We are delighted to be partnering with Reading Borough Council to deliver much needed housing and breathe new life and vibrancy into the Minster Quarter, which will build upon our recent planning consent for the neighbouring Broad Street Mall.
“Our ambitions are to create a re-invigorated retail and residential destination within a mixed-use neighbourhood, providing improved public realm and accessibility to Reading’s cultural Hexagon Centre.
“We look forward to continuing to work with our partners Reading Borough Council, stakeholders and the local community as we progress with our plans to deliver a new town centre quarter.”
