Minster Quarter Central, Reading | Development Opportunity

Tender description

Development Partner Sought for Site of Huge Potential in Reading Town CentreReading Borough Council is seeking a development partner to deliver a best-in-class legacy development at Minster Quarter Central, centred around a sustainable, high-quality, mixed-use development with a unique character and sense of place that delivers growth, employment and regeneration at a key gateway to the thriving town centre. Lot 1: Reading Borough Council ("RBC") is seeking a development partner to deliver a best-in-class legacy development at Minster Quarter Central, centred around a sustainable, high-quality, mixed-use development with a unique character and sense of place that delivers growth, employment and regeneration at a key gateway to the thriving town centre. There is an unprecedented opportunity to develop a 5.2 acre (2.1 hectare) site at one of the best located mixed use development opportunities in the UK with the potential to create a real landmark destination, minutes from the highly performing Oracle shopping centre. The site is situated at the heart of Reading’s hugely attractive and busy town centre which acts as the region’s main shopping destination, is a major transport hub in the south-east soon to benefit from the opening of the Elizabeth Line and boasting the regionally popular Hexagon Theatre. It is also located in an area due for significant investment and regeneration in the coming years with approximately 600 flats proposed on surrounding sites (not within RBC’s ownership) as well as the potential for significant upgrades to the Hexagon Theatre in the next few years (subject to successful government funding bids). The ambition is to create a high quality residential-led development to enhance Reading as a destination of choice for high quality commercial and residential occupiers and visitors. Subject to planning, redevelopment proposals for Minster Quarter Central could include residential units providing a mix of private accommodation, Build To Rent and affordable housing, a 90 bed hotel, flexible working and conference facilities and outdoor performance space. Due to Reading’s strategic location, excellent connectivity, highly skilled workforce and growing global appeal, the town provides an attractive proposition to develop a Build to Rent ("BTR") platform with the town characterised by affordable property prices, competitive rents and a thriving economy. The growth of BTR in key regional cities such as Reading has started to outpace London, with commuter belt towns offering more affordable space, a change in lifestyle and more outdoor space. This is particularly evident in Crossrail towns such as Reading, where due to increased levels of demand, house prices have seen significant growth since Crossrail’s inception in 2009. In order to progress with the development, the Council is seeking to enter into a development agreement with the preferred development partner. The Council will be adopting Competitive Procedure by Negotiation as its preferred procurement process. The Council is looking for a development partner who can work with the Council to achieve its stated key objectives in respect of affordable housing, public realm and zero carbon as well as work in partnership with adjoining landowners to help realise the potential of the wider regeneration area. Interested parties are invited to attend the launch below and further details are available from Javid Patel – javid.patel@eddisons.com or Neil Houghton Neil.Houghton@eddisons.comA launch event will be held on 14 September at 10am at The Hexagon Theatre in Reading town centre where prospective bidders can find out more about the economic powerhouse that is Reading, the development opportunity and the Council’s aspirations in respect of the site.