Hammerson has submitted a planning application for the regeneration of The Oracle in Reading including 449 rental apartments and 94,000 sq ft of reconfigured retail, entertainment and workspace.
The proposal, which will transform the eastern quarter of The Oracle, forms part of Hammerson’s vision to continue to evolve and future-proof The Oracle as a vibrant multi-use destination, to meet current and future needs in the town centre.
Hammerson worked closely with local stakeholders and Reading Borough Council, and the
application follows a public consultation, with detailed feedback from over 100 respondents subsequently incorporated into the proposal.
Diversifying The Oracle: New homes & workspace
The development will offer a range of much needed new homes to rent, for Reading’s rapidly growing population, all set within new public realm and landscaping along the River Kennet. Flexible workspace, entertainment and leisure space including a new modern cinema will also be integrated to enhance and diversify The Oracle’s proposition. These new uses will complement the existing strength of the retail offering which continues to attract household brands and new concepts.
Sustainability
Designed by architects CRTKL and delivered in partnership with build-to-rent developer, Packaged Living ,the new homes will be built in line with Hammerson’s sustainability commitments. This includes innovative technology to source energy locally from the River Kennet via water source heat pumps. Residents will also be encouraged to use sustainable modes of transport through integrated cycle hubs and interconnections with the town’s pedestrian links and public transport network. A BREEAM excellent rating is targeted for all commercial areas.
Harry Badham, Chief Development & Asset Repositioning Officer, Hammerson, said: “These proposals are designed to reinvigorate and reposition The Oracle by introducing sustainable new homes for rent, as well as incorporating new typologies and configurations of commercial space that will provide opportunities for new styles and types of retail, hospitality, services and amenities to enhance the customer experience.”
Mark Woodrow, Joint Managing Director of Packaged Living, commented: “We are delighted to be providing much needed housing to the local area. The scheme demonstrates our commitment to deliver properties that are fit for the future, combining high quality finishes with high energy efficiency, low carbon solutions and importantly lower costs for the residents that will live there.”
Reinvigorating assets
The creation of this mixed-use scheme is part of Hammerson’s wider strategy to reinvigorate its assets by repurposing and enhancing its estate and maximising development opportunities. This also supports Hammerson’s placemaking ambitions - creating destinations in urban locations, which have the potential to reshape neighbourhoods for generations to come.
Recent activations include a new Après Ski Bar on The Riverside this Christmas, outdoor sports screenings over summer, whilst a host of household brands have expanded their presence with new openings at The Oracle including GAIL’s, Oliver Bonas, Marugame Udon and Charles Tyrwhitt.
For further information please visit: www.theoracleconsultation.co.uk
ENDS
Key facts
- 449 homes
- 28,000 sq ft of film space
- 28,000 sq ft of entertainment / leisure/ flexible workspace
- 38,000 sq ft of retained retail space
- Public realm improvements including 37 new trees and a 1, 900 sq ft pocket park,
- 260 jobs to be created during construction phase and 85 permanent jobs
- Architect Studio: CRTKL
- Landscape practice: LDA Design
- Residential provider: Packaged Living
- Planning consultants: Turley