Our Real Estate lawyers are advising Lincoln MGT on the £750 million regeneration of Station Hill, Reading.
Lincoln MGT, the Joint Venture between Lincoln Property Company and MGT Investment Management, is delivering a transformational mixed-use development for Reading and the Thames Valley.
The high profile development, comprising an initial phase of 600 build to rent apartments, also includes the demolition of the former multi-storey car park in Garrard Street to make way for phase two. Phase two includes 'ONE' Station Hill (a 275,000 sq ft office building), a new public square and a link bridge providing level access from the train station through to the town centre. Both phases will be completed in early-2024.
Lincoln MGT, with advice from Gowling WLG, has recently closed construction loans across both phases totalling c £245m with institutional investors, including AIG, Homes England and BentallGreenOak, as well appointing contractor Sir Robert McAlpine to deliver phase two.
Once complete, Station Hill will comprise up to 625,000 sq ft best-in-class office space, 1300 private and affordable homes, and 100,000 sq ft of new lifestyle-led retail and leisure space, including potential for a 200-bed hotel and later living accommodation, and central two-acre piazza. This will deliver a truly sustainable eco-system of blended uses that complement one another, setting a new benchmark for regional regeneration.
The Gowling WLG team advising Lincoln MGT comprises of client partner and project lead Matt Walker with assistance from principal associate Helen Monro, associates Jas Daniel and Emily Snell (real estate) and partner Mark Stephenson and principal associate Sarah Morris Poxton (construction).
Commenting of the scheme, Matt Walker, partner at Gowling WLG said:
"We are delighted to have been advising on this landmark scheme since it was acquired by Lincoln MGT in 2018, which will be key in cementing Reading as a gateway for the South East of England. We look forward to continuing working with Lincoln MGT on this ongoing project and helping them deliver this exciting new destination for Reading."
Gowling WLG has one of the biggest dedicated development and regeneration teams in the UK and act for a wide range of developers, funders and local authorities. The broad spectrum of asset classes we deal with means our expertise advising on mixed use schemes and regeneration sites is unparalleled.