Moorgarth Group has gained consent for a major build-to-rent residential scheme above its shopping centre in Reading.
Last night Reading council backed Moorgarth’s plans for a circa £150 million scheme that will see 422 homes built above and around Reading’s Broad Street Mall shopping centre, underlining a gathering trend for mall landlords to focus on alternative use at their sites.
The plans, lodged by Moorgarth vehicle Inception Reading, aim at redeveloping the western end of Reading town centre with homes above the existing centre in three towers at the southern side of Broad Street Mall and two other residential blocks. There will be affordable housing within the scheme.
The existing distinctive car park wall will be retained while the Hosier St/Dusseldorf Way frontage in the town is redeveloped with retail or F&B units in South Court, adjacent to an hotel for which separate plans have been submitted to the council.
Around Broad Street Mall, there will also be landscaping improvements to enhance the public realm.
It is expected that work could start on the development next year.
The 400,000 sq ft shopping and leisure destination has undergone a comprehensive refurbishment since it was bought by Moorgarth in 2015.
Broad Street Mall has secured a number of lettings in recent months, including a lease renewal by New Look and a 9,000 sq ft letting to new entrant Iceland, which chose to relocate to the centre from elsewhere in Reading town centre. The Mall has an annual footfall of 7m visitors.
DP9 is advising on planning. The architect is Costorphine and Wright.