‘Greater Reading’ is fast becoming a pacemaking placemaker
The Savills Reading team of multi-disciplinary property advisers was set up in the town in 2013, since when it has doubled its staffing and service offering, while experiencing and ably handling a dramatic growth in major development schemes within Reading and its Thames Valley environs. John Burbedge spoke to its head of office Phil Brown and head of development Ed Keeling.
RICS research has defined ‘placemaking’ as capturing all of the factors that combine to create a good place in which to live, work and play.
According to Brown and Keeling, several M4 corridor towns, but notably Reading, are placemaking – creating those attractive thriving sustainable communities, which also enhance property and commercial values. In the past 12-18 months the Savills duo has seen the sea-change created by development placemaking coming to fruition in ‘Greater Reading’.
Earlier Reading development had been spurred by the coinciding infrastructure improvements of Reading Station and M4 upgrades, Elizabeth Line (Crossrail) and Heathrow’s planned expansion, Brown noted.
Today, Reading’s proven market factors such as high residential demand, availability of Grade A office space at costs well below London levels, access to a high-skilled local workforce, modern business parks, and a prime lifestyle location continue to provide a strong platform for investing in ‘placemaking’– as evidenced by funding now coming from fresh international sources, notably Asia and the Far East.
“Reading is the most active office market in the southeast outside central London. With occupiers looking to balance costs and location for attracting and retaining their workforce, Reading is exceptionally well placed to capture regional and even central London demand. Our office agency team, led by Jon Gardiner, expects to see more mixed-use developments, such as Station Hill, coming forward, which are key to placemaking and thus prime destinations for businesses,” explained Brown.
“Now is certainly an optimum time for investing, buying, or renting in Reading’s residential markets. Things have really come on leaps and bounds in the past year or two,” said Keeling. “It’s the size and scale of projects that has been the major sea-changer,” he explained. “When we opened our Reading office, most schemes coming through were 50-150 residential units but now they are 500-600 units; really significant.”
Brown highlighted how the St Edward Green Park Village residential development near M4 J11 was also now ‘placemaking’ with its high-quality development and planned mainline station.
Mixed-use schemes like the recently approved Royal Elm Park, Reading Gateway and proposed Kenavon Drive and Reading Jail developments could become leading examples of ‘placemaking’ – landmark schemes showcasing ‘Greater Reading’, he added.
The £500 million Royal Elm Park mixed development scheme with its world-class convention centre The International, 615 apartments and exciting mix of high-quality retail, leisure and hotel space including an ice-rink, will add new attractive jewels to Reading’s Thames Valley crown, the Savills duo agreed.
Added that is, to new high-profile landmarks – the Thames Valley Science Park at Shinfield, and the latest swathe of innovative and stylish in-town office developments including R+, Thames Tower, Forbury Place, and The White Building.
These developments and their facilities will inevitably take Reading to the next urban-city level within a few years, stated Keeling. “It’s huge. They will give Reading even greater profile and make the town more attractive in all markets.”
While all those coinciding and beneficial market factors have been catalysts for Reading’s current increased developmental activity, Brown noted: “Another big step-change is the refreshing level of pro-active co-operation between the local authorities, landowners and developers in trying to resolve the needs of this vibrant area.”
Residential housing is one key need. Brown commended the positive approach of Reading Borough, Bracknell Forest, West Berkshire and Wokingham Borough councils in working together through their West of Berkshire spatial planning framework to help achieve the Government’s strategic housing market assessment objectives.
Since Savills Reading represents many major landowners, such as the Englefield and Phillimore Estates, the University of Reading, Thames Water, plus developers like Kier, Berkeley Homes, Bovis and Thomas Homes, it holds a well-informed view of this successful co-ordinated approach.
Major examples of this collaboration have been the recent Arborfield and Shinfield residential schemes, the Thames Valley Science Park development, and a proposed Grazeley ‘Garden Village’, all south of Reading’s M4 junctions.
“Reading Borough Council is certainly open for business*, but wanting to see the right development in the right place,” added Brown.
* Savills is supporting Reading’s arts and culture provision by sponsoring the Reading-on-Thames Festival being organised by Reading CIC this summer.
