Minster Quarter Reading - Development Opportunity - AWARD

Description

Minster Quarter Central is situated to the south west of Reading station on the edge of the core retail area and is in close proximity to the Oracle shopping centre. The site is approximately ten minute's walk from Reading Station and offers frontage onto the Inner Distribution Road (IDR). It also bounds Castle Street and St Mary's Butts which are historic streets that once formed part of the Saxon Centre of Reading. Both streets fall within the St Mary's Butts/Castle Street Conservation Area. The Russell Street/ Castle Hill Conservation Area is on the western side of the IDR, opposite the Minster Quarter Area. The site is situated in 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 and soon to benefit from the opening of the Elizabeth Line. The site adjoins regionally popular Hexagon Theatre and is also located in an area due for significant investment and regeneration in the next few years Minster Quarter Central is a key component of the West Side Opportunity Area allocated in the Reading Borough Local Plan (2019) at Policy CR12e Hosier Street, and extends to approximately 5.2 acres (2.1 hectares). The Minster Quarter Area Outline Development Framework was produced and adopted as Supplementary Planning Document (SPD) by the Council in December 2018. This sets out the vision and principles that underpin the future regeneration of the wider area including Minster Quarter Central. A concept scheme benefitting from informal pre application discussions with the Local Planning Authority has been developed by the Council in support of the adopted SPD, both of which provide an important guide for the future development of the Site. Redevelopment proposals for Minster Quarter Central could include: o New residential units in a mix of a low rise and tall buildings. Either Private Sale, Build To Rent etc and to include affordable housing o Hotel o Retail, office & leisure ancillary uses. o Enhanced, high quality public realm with outdoor activity space. The Council will make available circa?2 million of Brownfield Land Release Funding available to support the development project through demolition of existing structures, new utilities, and road realignment within Phase 1 (land between the Magistrates Court and Hosier Street). In addition, up to ?80,000 of part-recoverable funding (75%) is available through One Public Estate to support the redesign and reconfiguration of Ministry of Justice parking with the Civic Car Park to the rear of the Magistrates' Court. More recently the Council applied for Levelling Up Funding to make improvements to and modernise the Hexagon theatre may make further grant funding applications to support the development of the site on a case-by-case basis. The Council may explore whether Phase 2 of the development is eligible for future rounds of BLRF funding. Developers should however subm...