Lincoln MGT, a joint venture between Lincoln Property Company and MGT Investment Management, will begin demolishing the Garrard Street car park on 9 August, paving the way for a new front door to Reading and a 2.5m sq ft sustainable mixed-use community at Station Hill.
Since purchasing the derelict 6.5 acre site in the heart of Reading, located on the mainline Crossrail station entrance, Lincoln MGT has undertaken a wholesale re-masterplan that will deliver the new £750m district and prioritises adaptability and resilience in a post-Covid world.
ONE Station Hill, the 275,000 sq ft office building, will break ground this year and, once complete, will set a new standard for the future of workspace outside of London. ‘ONE’ will adjoin a new 600-unit Build-to-Rent (BTR) residential community already underway, linked by significant public and social infrastructure improvements that will change the face and reputation of Reading, as the town continues its drive for long overdue city status.
Direct access to the station will cross through a new park, providing green terraces, mature trees and play areas, leading through to a central public square hosting a calendar of events, including local markets, outdoor cinema screenings and live events – fulfilling the aspiration of Station Hill to be the cultural centre for the town and a destination in its own right.
Once complete Station Hill will, comprise up to 625,000 sq ft best-in-class office space, 1300 private and affordable homes, and 95,000 sq ft of new lifestyle-led retail and leisure space, including potential for a 200-bed hotel and later living accommodation, and central two acre piazza.
In addition to the £50m of social infrastructure created by the new scheme, it is estimated that the direct effect of over 8,000 employees and residential occupiers will generate an additional spend in the local economy of between £17.5 and £30.3 million each year.
Alex Aitchison, Director of Development at Lincoln Property Company UK said:
“The demolition of the car park signals the beginning of Station Hill’s transformation into a new gateway for Reading. After almost twenty years of discussions by previous developers, we are proud to be the longer term custodians delivering a truly unique legacy, which we feel is pivotal to reenforcing Reading as the capital of the Southeast and accelerating Reading’s deserved City status.
ONE Station Hill, the state-of-the-art office element within the development, will be the first office building delivered with early access available from early 2023, providing the ultimate platform for companies to win the war-for-talent. The facilities are designed to entice and encourage a positive, healthy work lifestyle, providing an optimum environment and opportunities for people to integrate wellbeing into their workday. Along with multi-modal transport options, the building’s sustainable design provides flexibility to quickly adapt to a post-covid world as we return to the workplace.
ONE Station Hill goes beyond the traditional standalone regional office space that dominates the market outside of London, and whilst including rooftop amenities with terrace, bar and lounge, the game changer is the direct access to 95,000 sq ft of independent retail, leisure and F&B, and residential community, promoting a true 24/7 vibrant new community and curated public realm. This sustainable 24/7 ecosystem of uses at the entrance to Reading Station, has been carefully designed to ensure outperformance of all the usual sustainability criteria, and is seeing significant interest from large corporate occupiers seeking to capitalise on the very best for their employees for the future” 2
The office agency at Station Hill is being coordinated by agents JLL and Hatch Real Estate. The design of the project is being overseen by CallisonRTKL (CRTKL). Acting as the project masterplanner and architect for the residential and hotel buildings, CRTKL forms part of Station Hill’s international design collective, which also includes Gensler for ONE Station Hill and the future Office elements, and LDA on the public realm/landscaping.
For more information, please contact Freddie Rosen and Georgina Bass at Redwood Consulting: Reading@redwoodconsulting.co.uk / 0207 828 5553
NOTES TO EDITORS
Visit www.stationhill.co.uk for more information.
Visit www.LPC.com for more on Lincoln Property Company
Visit www.mgtim.com for more on MGT Investment Management