It’s been announced that property experts from international law company Gowling WLG are advising Lincoln MGT on the £750 million regeneration of Station Hill in Reading.
Lincoln MGT, a joint venture between Lincoln Property Company and MGT Investment Management, is aiming to deliver a transformational mixed-use development for Reading and the Thames Valley.
The high-profile development, situated yards from Reading’s impressive station, will be made up of an initial phase of 600 Build to Rent apartments. It will also include the demolition of the former multi-storey car park in Garrard Street to make way for phase two.
Phase two will comprise ‘ONE’ Station Hill (a 275,000 sq ft office building), a new public square and a link bridge providing level access from the train station through to the town centre. Both phases are set to be completed in early 2024.
Lincoln MGT, with advice from Gowling WLG, have recently closed construction loans across both phases totalling around £245 million with institutional investors - including AIG, Homes England and BentallGreenOak - as well appointing renowned contractor Sir Robert McAlpine to deliver phase two.
When it’s completed, Station Hill will include up to 625,000 sq ft best-in-class office space, 1,300 ‘private and affordable homes’, and 100,000 sq ft of new lifestyle-led retail and leisure space. This includes the potential for a 200-bed hotel and later living accommodation, in addition to a central two-acre piazza.
This, the team behind it says, will deliver a ‘truly sustainable eco-system’ of blended uses that complement one another, ‘setting a new benchmark for regional regeneration’.
Commenting on the scheme, Matt Walker, partner at Gowling WLG, said: “We are delighted to have been advising on this landmark scheme since it was acquired by Lincoln MGT in 2018, which will be key in cementing Reading as a gateway for the South East of England. We look forward to continuing working with Lincoln MGT on this ongoing project and helping them deliver this exciting new destination for Reading.”
Reading will be the western terminus of Crossrail when it is finally fully operational, and already offers fast access to Central London, Heathrow, Gatwick, Oxford and Bristol. It was also recently hailed as the South East’s newest hotspot.
This latest scheme close to the station could be a further feather in the cap of a town that traditionally hasn’t received the love that its near neighbours receive, despite an impressive history, a highly popular annual music festival and a Thames-side location.