The derelict Thames Tower office block, near Reading railway station, could be reclad in terracotta and extended by four floors as part of visionary plans put forward by developers which could create 1,000 jobs.

The striking design has been influenced by one of the world’s first skyscrapers - the Guaranty Building in Buffalo, New York - and is intended to blend seamlessly with the widespread use of red Berkshire brick in the town centre.

Owners Brockton Capital and Landid Property, which were also behind the One Valpy development in Reading, have now submitted a planning application to Reading Borough Council.

In their application, the companies state: “While other parts of Reading town centre have benefited from new development and investment over the past 20 years, the station area has lagged behind. As such the area provides a poor front door to Reading for those arriving by train and has a negative impact on perceptions of the town.

“Thames Tower sits in a pivotal location in Reading, but the current building is neither the landmark nor the statement that this location deserves, and will be redesigned to provide the workplace that appeals to a younger generation of talent.”

The firms want to remove the first floor to create a cavernous foyer, which will incorporate office and retail uses, and create a rooftop terrace on top of the building providing spectacular views of the town’s skyline.

To make room for this, most of the building’s machinery will be moved from the roof to the basement, where there will be showers and changing rooms to encourage employees to cycle to work.

The application also reads: “The objective of this development is to re-engineer and re-invigorate a worn and dated 1970s building into a mixed use workplace of the 21st Century, which will attract progressive companies looking for premises in urban, amenity rich locations.”

The 11-storey building was previously home to Foster Wheeler and has been empty since September 2010, but will now form part of a new station plaza along with the £895m redevelopment of Reading station and a £500m revamp of neighbouring Station Hill.

The previous owners had planned to demolish it to build a 25-storey skyscraper, then opted for a refurbishment project before selling it to the two companies in January.