Moorgarth Group has secured planning consent for a development at its Broad Street Mall shopping centre.
The scheme, which will comprise of 16,145 sq ft retail space and up to 422 residential units, gained planning consent from Reading Borough Council last night.
The redevelopment will consist of four residential towers varying in height from five to 20 storeys, which will be within and above the shopping centre.
Planning consultants DP9 and architects Corstorphine + Wright will provide 42 affordable housing units for the scheme.
“I am absolutely delighted by the decision,” said Moorgarth chief executive Tim Vaughan. “This is a very, very exciting and innovative scheme.”
Gary Lewis, Moorgarth’s managing director, added: “This will support the long term future of the centre while at the same time act as a catalyst for future regeneration of the area.”
Asset managers Moorgarth bought the shopping centre along with the adjoining office building, Fountain House, in 2015 before starting a full refurbishment in 2016.
The existing ground floor retail space will be reconfigured to form four retail units.