The Royal Elm Park scheme will be developed on a 15.5 hectare site adjacent to Reading Football Club's (FC) Madejski Stadium. Construction is planned to begin in early 2018, subject to final planning requirements.
Features include building a new 28,000sq m convention centre, more than 600 new homes, over 18,000 sq m of new public open space, an 8,000 sq m public square and over 2,000 sq m of new retail, leisure and restaurant facilities.
The new homes will feature dedicated resident parking and extensive landscaping to create a new community with Madejski Stadium at its heart. The scheme will also pave the way for a new mainline station to be created at Green Park, offering residents and visitors direct rail access to destinations in the south west, the Midlands and the North.
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In addition, more than 1,000 construction jobs will be created by the development, along with 1,000 permanent roles once the project is finished.
Nigel Howe, Chief Executive of Reading FC, said: "This is a huge boost for Reading, and will deliver a step change in the city's ability to host international, large-scale conferences and events, which the business community here has long sought. But the scheme delivers more than that. It delivers a new and reinvigorated destination for businesses and the Reading community, and will significantly enhance the match-day experience for our supporters, the driving force behind the Club's success.
"Royal Elm Park is emblematic of the city's vision for the future, and will play a significant role in driving new and enhanced inward investment, which will underpin the regional economy going forward."
Praphant Asava-aree, Director of RFC Prop Co, added: "Creating 1,000 new jobs, new economic and social infrastructure for the benefit of the community and regional businesses, enhanced facilities for Reading FC's supporters, and new and improved transport links, is a testament to the vision of the City and the Club, and we are delighted to be playing our part in stimulating further investment into this vital part of the UK."
'The International' conference centre is scheduled to be operational in 2020, with overall final completion expected in 2023.
(LM/MH)
