Plans to build more than 400 flats at The Oracle Riverside in Reading have been recommended for approval.
Reading Borough Council’s planning applications committee will consider the plans at the February 4 meeting, following its deferral of the decision at its December 3 meeting to allow for a site visit which took place on January 22.
The plans are being considered as one item, although there are two applications, one on each side of the river – each for up to 218 flats.
The first involves partial demolition of the former Debenhams store on the northern side of the river for flats and 1,209 sq m of commercial space.
The remaining 5,866 sq m section of the former department store will be converted to bar or leisure uses. There will be new public realm and a new entrance to the centre.
On the southern side, flats will replace the existing Vue Cinema, along with up to 3,046 sq m commercial space comprising a new cinema and other ground floor commercial uses.
However, the new Vue Cinema will be barely a quarter of the capacity of the current one. At present there are 1,800 seats across 11 screens but the new one offers just 511 seats across seven screens.
Applicant Hammerson says the existing cinema, now 26 years old, would need significant investment.
A report to Wednesday’s meeting says: “The applicant states that the cinema is facing increased competition from more modern facilities within the Thames Valley including the Showcase in Wokingham and Cineworld at the Lexicon, Bracknell whilst markets trends overall show cinemas experiencing lower footfall as a result of the growth of home streaming services and cost of living challenges.”
The report goes on to say an enhanced food and beverage offer and more luxurious seating should create greater demand.
© Thames Tap (powered by ukpropertyforums.com).
This article and its contents are the intellectual property of UK Property Forums and may not be reproduced, distributed, or used in any form without prior written permission. The views expressed are those of the author(s) and do not constitute legal or professional advice.
