Plans submitted for £500m Reading construction - commercial mortgages

19 February 2007

Sackville Properties has submitted its plans to redevelop Station Hill in Reading to the borough council.

The proposals, which may interest those considering commercial mortgages, include plans to construct a mixed-use development of 1.4 million square foot on the site bought from Land Securities two years ago.

The project will cost in the region of £500 million, Property Week reports.

It is expected that the first phase of construction of the scheme, which will include offices, residential buildings, retail space and entertainment areas, will commence in mid-2008 if planning permission is granted.

Should everything go according to plan, the first phase should be finished by 2011, with the whole project scheduled for completion three or four years later.

Sackville owner John Madejski told the Reading Chronicle the Station Hill redevelopment "will transform a rundown quarter into a bright, contemporary and fitting gateway".

The project, designed by Scott Brownrigg, will "replace the tired and obsolete buildings" at the station, Sackville director Jon Homan added.