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28 focus on Reading


behind London and Liverpool. Its business ecosystem has clearly been built on strong foundations meaning that this area should be in a strong position to grow and prosper even more by 2025,” says Robin Reynolds, South East regional director, Barclays Wealth and Investment Management.


Jo Lovelock, leader of Reading Borough Council sees no let-up in the pace of positive change that has been “fantastic for the town”. She speaks proudly of the the Reading Station upgrade, Station Hill redevelopment, upcoming mixed-use housing and retail rejuvenation of the old Civic Centre area, and planned re-use of the old Royal Mail and SSE sites in the town.


She highlights the town’s new pedestrian-cycle river bridge but stresses “We will continue to campaign for a much needed third Thames bridge.”


She plainly regrets the “extremely disappointing news” of Ministry of Justice plans to mothball Reading Prison – “The council will lobby to reverse that decision” – since regeneration of the Abbey Quarter, aided by a Heritage Lottery Fund bid, has been a long-term council ambition.


And Lovelock notes: “As the town thrives, more pressure is put on the housing market. One of the big challenges into the future will be the provision of many more affordable homes for people on lower incomes.”


Steve Belam, general manager of The Oracle shopping complex views Reading as “a thriving city on the up with unprecedented investment” and “an exciting and dynamic market.


“According to the Centre for Cities it will have the second highest predicted GDP within the UK in the next five years. This in itself presents a wealth of growth opportunities for businesses across all sectors.


“When Crossrail completes in 2019 it will bring additional opportunities for us to draw in new customers from an even wider catchment area.”


Thames Valley customers expect a London- standard shopping experience so The Oracle responds accordingly, says Belam, mentioning its 80 big brand stores, 20 restaurants and 10-screen cinema, plus imminent additions of a Victoria’s Secret lingerie store and a new TGI Friday’s restaurant.


“Whilst online shopping has undoubtedly changed the retail scene we know that our visitors still like to browse and experience the look and feel of a product before purchase.”


Rory Carson, Oxford Properties director and asset manager of Green Park, said the new Green Park station would be “a fantastic addition” attracting lettings by improving connectivity from Basingstoke and the south, while opening up “the future possibility of getting on a train at Green Park to get off at Heathrow.”


The 60-acre lakeside Green Park Village development would add residential to the mix of uses at Green Park “further increasing the sense of community and vibrancy that’s been


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growing over the past few years.” Green Park is concentrating on creating a place where people (rather than businesses) will want to come to work.


“Many businesses recognise that they get the most innovation, creativity and productivity from their staff when they all come together; they need to create appealing working environments where staff will choose to come to collaborate.” High-standard reliable power and fast data connectivity was essential.


Campbell Gordon commercial real estate director Keith Wise believes the announced S&SE letting at Forbury Place is a milestone. “Reading has been attracting occupiers from outside the traditional tech sector for some time. But this transaction represents a step change.” S&SE was relocating staff to Forbury Place in part because of the building’s exceptionally high quality, but also to take advantage of Reading’s elevated status as a commercial and transport hub.


“The town has reached a tipping point that means occupiers can now choose to locate in Reading because of its hub status, instead of London or its immediate environs.”


Tim Smith, chief executive of Thames Valley Berkshire LEP stated: “Real economic momentum is building in our area that points to some very positive indicators for the next decade. Working closely with key stakeholders, we will see the creation of 21st century infrastructure that enables growth and opens up new jobs and investment.


“By 2025, the local economy will have been stimulated through the continued productivity and innovation of our workforce supported by new Solutions Labs and a Thames Valley Science Park.


“London Heathrow must be allowed to expand if we are to avoid a negative impact on our economy from 2025 and we are to continue to boast world-class companies, a


diverse business portfolio and a reputation for starting and scaling up SMEs.”


“Government is trusting the LEP to deliver results, which is why we’ve targeted our investment according to business priorities. These are underpinned by the evidence of our priority sectors, which are digital technologies; life sciences and healthcare; and energy and environment.”


But, have we the creative forethought? . . .


Reading’s potential is being realised, says Kim Cohen, planning partner at Barton Willmore, but, in order to support its continual economic growth over the next decade, “we need to be thinking smarter.”


“We have to be striving to create a city that is built on green and technological principles; a city that encourages and retains a selection of sustainable and innovative companies across a broad range of industries, and also encourages pioneers through flexible spaces for start- up businesses. We also have to think about liveability, appealing to those already living here as well as attracting new residents, ensuring we have enough quality housing of all tenures and a vibrant mix of innovative schools, leisure and community amenities that all strive to promote cultural richness.


Mentioning Reading 2050 proposals established by Barton Willmore alongside Reading UK CIC and the University of Reading, Cohen added: “It is a vision to ensure we are adequately planning for the future. It focuses on long-term, realistic strategic objectives for this continued growth and evolution. We have to plan in order to succeed.”


Peter Brett Associates partner Scott Witchalls adds: “In the world of development and infrastructure, 2025 is just around the corner.”


While acknowledging the town’s current and ongoing transformation, he says: “Reading does


THE BUSINESS MAGAZINE – THAMES VALLEY – NOVEMBER 2015


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