Partners needed for Station Hill

Alan Bunce • Published 2 Oct 2009 12:21 0 Comments

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STATION Hill developer Sackville needs partners to make the long-awaited £400m scheme a reality.

Days after planners approved the scheme, Sackville had two inquiries from potential occupiers and director Jon Homan says gaining consent will make negotiations with possible partners easier.

He hopes building can start in 2011 but Sackville needs several deals and joint ventures for its retail, office, leisure and residential space.

Mr Homan said: "We have been keeping in contact with people who have shown interest in the past but there are any number of possible sources of funding. It could be there are other developers interested in joining us."

However, he ruled out selling parts off. Retailers would probably include a mid-sized supermarket, restaurants, cafés, a pub (agreed at the planning meeting to replace the Jolly Porter) and independent fashion shops.

The aim was not to compete with those in The Oracle, he said. The planned arts centre could include a small theatre which could combine with the outdoor performance area.

Mr Homan says office occupiers may be attracted out of London, making Reading a secondary exit to Heathrow.

He said: "People won't want to travel around the country, but they don't need to go into London. For international companies, why spend £60 a square foot in the West End when they can be 25 minutes away in the heart of the Thames Valley."

He added: "There is no better site in the South East outside London. We are absolutely right on pitch here. With the prospect of a doubling of people using Reading Station from 17m to 35m, it's a phenomenal opportunity."

Hopes are high the scheme will not be called in again but after last week's meeting Sackville chairman Sir John Madejski said: "All the platitudes have been made and I hope we can now move forward and attract the necessary partners to take this scheme to fruition - as long as the Government doesn't start being silly. Reading is crying out for this."

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