Development Partner Selected for Regeneration of Reading's Minster Quarter
- Developer announced for £250 million regeneration of Reading's Minster Quarter
- Affordable homes, a new 'Hexagon Square,' a new community hub and local jobs, all form part of the major town centre scheme
- McLaren Living’s vision is for all-electric, energy efficient systems which maximise on-site renewable energy generation
THE regeneration of the Minster Quarter has reached a major milestone with the announcement of the Council’s development partner to transform the key Reading town centre site.
Following a detailed procurement process, Reading Borough Council has selected McLaren Living to drive forward and deliver the exciting new £250 million ‘Minster Quarter Central’ scheme, which could include:
- Over 600 new homes, 30% of which will be affordable homes across a range of tenures, including affordable rent and affordable private rent
- 40,000 sq f of new commercial space including new workspace, retail, food and beverage, and a 102-bed hotel, to help drive forward the local economy
- New high-quality public spaces, including a new ‘Hexagon Square’ as a generous functional and attractive civic space, designed as a gateway to Reading’s iconic Hexagon Theatre and new Studio Theatre.
- Generating a significant number of new local jobs post-construction and a brand-new community hub, providing a base from which to host a range of community activities
In line with Reading’s net-zero by 2030 ambitions, McLaren Living’s vision is for all-electric, energy efficient systems which maximise on-site renewable energy generation. The development promises a net gain in biodiversity and dedicated new pedestrian and cycle routes.
Reading’s Minster Quarter is a key and historic part of the town centre and represents a long-standing and major strategic regeneration ambition for Reading Borough Council. The 5.2-acre site, in the heart of Reading and formerly occupied by the Civic Centre, will become a new gateway to and from Russell Street, the Castle Hill Conservation Area and the residential areas of west Reading.
The proposals will aim to deliver a thriving mixed-use community, incorporating a positive street scene and places for people to shop, eat and enjoy Reading's thriving arts and culture. Current plans include re-provision of space for the Charter Market on Hosier Street, and an improvement of its setting with new public realm surrounding the landmark Reading Minster. Proposals also include the regeneration of Dusseldorf Way, creating a key new boulevard with further street trees and places to sit.
The development is central to the wider Minster Quarter Regeneration Area, which has the potential to create a comprehensive new mixed-use neighbourhood in the heart of Reading town centre, delivering upwards of 1,200 homes. Over the next decade, neighbouring landowners plan to bring forward a series of schemes. These include the redevelopment of Thames Valley Police Station, Broad Street Mall, Magistrates Court investment and the Council’s own exciting plans to create a cultural campus with the Hexagon Theatre and new studio theatre extension, made possible through Levelling Up Fund funding.
Councillor Jason Brock, Reading Borough Council Leader, said:
“The regeneration of the Minster Quarter 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 desperately needed affordable housing for Reading, high quality public realm and a net zero development, in line with our wider net-zero ambitions. The preferred bidder has come forward with hugely exciting proposals which tick all of these important boxes and more, including more family-sized homes which we know are in short supply in Reading, a brand new civic space as a gateway to a revitalised Hexagon Theatre, which will contribute to its growth as a destination for arts and culture, a new community hub and, through our commitment to social value, around 100 new local jobs post construction.
"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 have sought to secure a prospective partner in McLaren Living who understand and share 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, and with the potential to create a landmark destination. I look forward to seeing these exciting plans come to fruition over the coming years.”
Matthew Biddle, Managing Director, McLaren Living, said:
"We are extremely proud to have been selected to deliver Minster Quarter and look forward to working with Reading Borough Council to regenerate this key town centre site.
"Our ambition is to create a new mixed-use neighbourhood which transforms this historic part of the town, bringing new public realm, much-needed new homes, high-quality employment space and enhances the Hexagon Theatre.
"We already have a strong presence in the area, and we are committed to working with local stakeholders to deliver a new community for all and enhance the great town of Reading.”
Last year Reading Borough Council agreed a strategic vision for Minster Quarter Central. Bidders submitted detailed schemes which were subject to rigorous evaluation and competitive negotiation. Following this process, McLaren Living was agreed as the Council’s development partner at a Policy Committee meeting in January.
To develop the emerging proposals, McLaren Living and Reading Borough Council propose an in-depth consultation process, including early engagement with the local community and key stakeholders.
Blue Collar, who manage the Hosier Street Market, are to remain on the site until the land is required for development. Options for future relocation are being explored.
Note to editor:
Image information: The supplied image is an early artists impression of the proposed development. Please note all designs are subject to the planning process.
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About McLaren Living
McLaren Living specialises in residential development, with a focus on the build-to-rent and co-living market, working alongside McLaren Property and its strong track record in the delivery of PBSA.
Founded in 2020, McLaren Living has an exciting pipeline of over £1.7bn (5,500 homes), while also progressing mixed-use regeneration development opportunities in major cities across the UK.
McLaren Living works closely with landowners to maximise development value and partners with institutional funders to deliver outstanding, sustainable, community-led residential mixed-use developments.
McLaren Living is partnering with AEW, the real estate investment manager, to redevelop Broad Street Mall and bring forward a new mixed-use neighbourhood in Reading town centre. The proposals to redevelop the southern part of the 4.6-acre site include approximately 600 market and affordable Build-to-Rent homes and 15,000 sq. ft of space comprising commercial, retail and leisure.
McLaren Living also recently acquired Watford Police Station and Magistrates, with plans to submit proposals for a new mixed-use neighbourhood, comprising approximately 300 build-to-rent homes and approx. 30,000ft² of commercial space.
In Leeds, McLaren Living is currently delivering developments worth approximately £550 million including Beck Yard (375 apartments) and a mix of build-to-rent and commercial development at Wellington Square where McLaren Living is delivering the build-to-rent element (464 apartments).
McLaren Living is independent of but has a close association with McLaren Construction.