The scheme will be built over several phases and the plans for the 5 acre site will also include the complete remodelling and refurbishment of the existing NCP car park, paving the way for new jobs in the trades.
Jason Margrave, Development Director at Stanhope, said: “The scheme provides a great opportunity to extend and enhance the retail core in line with the borough’s long term vision and it will also create significant new employment opportunities in Reading.”
The joint venture between Benson Elliot and Stanhope, is for a mixed-use development of the five acre site, which will provide office space and deliver 300 flats, 32,000 sq ft of shops and 9,000 sq ft of leisure space.
The first elements of the phased scheme will commence in 2014. In a separate decision the planning committee has approved plans to tear down the Station Hill retail parade to create a temporary events arena which will be ready by early 2015.
Phil Irons, Partner at Benson Elliot, said: “We are delighted to have secured consent for the redevelopment of this critical town centre site.
“This is an important milestone in the regeneration of an area that will ultimately be seen as the heart of Reading. We will be starting on site in 2014 and aim to deliver the first of the four office buildings by 2016.”