Lincoln MTG and JLL partner on £750M mixed-use development
The 275,000 sq. ft. office scheme that will be in the heart of the 6.5-acre Reading town centre redevelopment.
U.S.-based Lincoln Property Company and Europe’s MGT Investment Management formed a joint-venture partnership to deliver a world class 6.5-acre regeneration scheme in Reading. The first phase of the project includes One Station Hill, an exemplar 275,000 sq ft, 15-floor office building. Their vision for the building is to create the workplace of the future, incorporating technology, ESG and occupier wellness. In order to realise that ambition, they needed strategic advice on how to incorporate sustainability, wellness and smart features to the office space. The client engaged JLL as joint agents on the office scheme. JLL has also advised on various elements of the developments from life sciences to hotels. The wider development will now include a total of up to 625,000 sq ft of workspace, 1,300 build-to-rent units, 95,000 sq ft of retail, leisure, food and beverage, a 200-bed hotel and a curated public realm. The client intends to deliver the project in a phased approach.
JLL advised Lincoln MGT at the beginning of the planning process through viability, consultation and the application for permits. We also ran analysis on highest and best use in order to recommend what the use mix should be for each phase of redevelopment. We provided the client with detailed advice on occupiers, sustainability, and ESG, with current trends and market data and analysis. JLL consulted on the scheme design and placemaking, with recommendations to make sure they were both aligned with the client’s goals of promoting health and wellbeing throughout the mixed-use complex. We stressed the importance of the flow of the public realm, because if the commercial buildings such as the office towers are blocking it, it could reduce foot traffic throughout, negatively impacting the retail, food and beverage elements. The first office building, One Station Hill, will be directly opposite Reading Station so that it’s easily accessible from the train.
JLL has been integral in advising on the planning, design, layout, amenities and facilities of One Station Hill as well as sustainability, wellness and futureproofing, which all influenced Lincoln MTG and the architects on their final design. We’re leading the marketing strategy using immersive virtual reality from Soluis and the JLL NXT suite to attract occupiers and engage with their agents and stakeholders.
The JLL hotel team has been brought in to advise on the proposed hotel, and there’s also been a discussion with our life sciences team about how to attract that sector as part of the redevelopment.
Phase one is currently being developed on site.
The site enablement for One Station Hill is well underway, with practical completion scheduled for early 2024. It will sit directly opposite Reading train station, with a double-height reception area, concierge services, meeting rooms and coworking space. Generous floorplates of up to 21,000 sq ft will allow tenants to design their workspace to best fit their business needs. It will be the epitome of sustainable excellence, with a BREEAM Excellent rating, 8% lower emissions than other Grade A offices, all electric building/air source heat pumps and is smart technology ready, with contactless entry, climate and lighting control as well as occupancy analysis, to name a few. The building will have direct access to the public realm, a 15th floor communal rooftop terrace and lounge.
Once complete, Lincoln MTG’s goal for the Station Hill regeneration project is for it to become a premiere destination in Reading for top-tier commercial and retail tenants, as well as leisure and entertainment, with a heavy focus on sustainability, happiness and wellbeing for the tenants, residents, and workers who live, work and play there.