Reading Borough Council has approved redevelopment plans for Broad Street Mall. The major town centre regeneration scheme, being progressed by a partnership between McLaren Living, the specialist national developer with a focus on the build-to-rent market, and AEW, one of the world’s largest real estate investment and asset managers[1]. This builds upon a previous consent and will deliver a significantly enhanced scheme, bringing forward a reinvigorated and vibrant neighbourhood.

The renewed Broad Street Mall will see the southern part of the 4.6-acre site deliver 643 ‘tenure-blind’ market and affordable build-to-rent homes, circa 19,000 sq ft of commercial space primarily comprising retail and leisure uses, a vibrant and enhanced public realm featuring public art and a range of improvements to Broad Street Mall, incorporating an extension to the existing NHS Walk-In Centre.

The four residential buildings will be strategically positioned to the south of Broad Street Mall, tracing the Dusseldorf Way link between the Hexagon and the Minster and integrating into the wider Minster Quarter masterplan, which is also being brought forward by McLaren Living in partnership with Reading Borough Council.

The development will achieve a very high level of environmental performance to minimise its carbon footprint. The buildings will incorporate the use of photovoltaics and air-source heat pumps and each apartment will achieve a minimum EPC rating of B. The development will also achieve a BREEAM Excellent rating in relation to the non-residential parts of the buildings.

The revised masterplan for the redevelopment of Broad Street Mall, designed by AHR Architects, followed substantial pre-application and post-submission engagement. The redevelopment will create a landmark destination for the town, one which celebrates the 20th Century heritage of the urban quarter and reinforces its identity as an arts and culture destination, while aligning with Reading’s 2050 vision and providing a blueprint for placemaking centred around smart, sustainable and inclusive growth.

Since a previous consent was granted for the site, the plans were updated to reflect the latest policy and legislative standards and market needs, including long-term commercial viability and active street frontages, while still delivering a scheme that integrates with the emerging Minster Quarter redevelopment, enabling rejuvenation of the wider town centre in line with the Council’s aspirations.

Oliver Westray, Development Director of McLaren Living, commented:

Our approved scheme will regenerate Broad Street Mall and deliver an enhanced and reinvigorated mixed-use neighbourhood, one which will deliver on the council’s plans for the area and align with its vision for the town.
The approved scheme will allow McLaren Living and AEW to create a renewed and vibrant retail and residential destination, one that will be resilient and sustainable and support the local economy.
We look forward to continuing to work in partnership with AEW and Reading Borough Council post-consent to deliver our vision for the transformation of Broad Street Mall.

Charles Royle, Portfolio Manager at AEW, commented:

This is a significant milestone for the regeneration of Broad Street Mall, which will create much needed new homes and green spaces for the community in Reading. Our ambition, along with our partners McLaren Living, is to transform this area into a vibrant, new destination for the town, and the receipt of planning brings us one step closer to achieving that goal.

Notes to editors

About McLaren Living:

McLaren Living specialises in residential development, with a focus on the build-to-rent and co-living market, working alongside McLaren Property and its strong track record in the delivery of PBSA.

Founded in 2020, McLaren Living has an exciting pipeline of over £1.7bn (5,500 homes), while also progressing mixed-use regeneration development opportunities in major cities across the UK.

McLaren Living works closely with landowners to maximise development value and partners with institutional funders to deliver outstanding, sustainable, community-led residential mixed-use developments.

McLaren Living is independent of but has a close association with McLaren Construction.

About AEW:

AEW is one of the world’s largest real estate asset managers, with €79.1bn of assets under management as at 31 December 2024 [2]. AEW has over 860 employees, with its main offices located in Boston, London, Paris and Singapore and offers a wide range of real estate investment products including comingled funds, separate accounts and securities mandates across the full spectrum of investment strategies. AEW represents the real estate asset management platform of Natixis Investment Managers, one of the largest asset managers in the world.

As at 31 December 2024, AEW managed €36.8bn of real estate assets in Europe on behalf of a number of funds and separate accounts. AEW has 515 employees based in 11 offices across Europe and has a long track record of successfully implementing Core, Value-Add and Opportunistic investment strategies on behalf of its clients. In the last five years, AEW has invested and divested a total volume of almost €15bn of real estate across European markets.

[1]. Source: “2024 IREI.Q Real Estate Managers Guide”. The Guide, published annually by Institutional Real Estate, Inc., ranks real estate managers based on the gross value of real estate AUM ($m) as of December 31, 2023.

[2]. As of December 31, 2024. AEW includes (i) AEW Capital Management, L.P. and its subsidiaries and (ii) affiliated company AEW Europe and its subsidiaries. AEW Europe and AEW Capital Management, L.P. are commonly owned by Natixis Investment Managers and operate independently from each other. Total AEW AUM of €79.1 billion includes €36.8 billion in assets managed by AEW Europe and its affiliates, €4.6 billion in regulatory assets under management of AEW Capital Management, L.P., and €37.7 billion in assets for which AEW Capital Management, L.P. and its affiliates provide (i) investment management services to a fund or other vehicle that is not primarily investing in securities (e.g., real estate), (ii) non-discretionary investment advisory services (e.g., model portfolios) or (iii) fund management services that do not include providing investment advice.