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The magazine that tells you about Reading...
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issue two/summer 2010
Innovation, prime space,retail choice, fine dining and nightlife
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The magazine that tells you about Reading …
04 �news An update on what’s happening in Reading and who’s making the news.
09 �time�out The top ten tips for things to do: Reading is action-packed for every lifestyle.
17 �retail Reading’s enviable reputation for retail therapy is being enhanced even further by a healthy upward churn.
22 interview Roger Hicks, founding partner of Hicks Baker, assesses Reading’s capacity for the economic upturn.
26 office�space With a plentiful supply of new, grade A office space, Reading is set to benefit from the recovery.
31 innovation Hi-tech companies are a growing sector among Reading businesses.
36 talking�heads Business leaders predict that post-recession, Reading offers more opportunities than threats.
38 relocation,�relocation Reading is home to several multinational companies and it’s well-placed to welcome others.
46 did�you�know? Fascinating facts about the home town of beer, biscuits and bulbs.
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© 3Fox International Limited 2010. All material is strictly copyright and all rights are reserved. Reproduction in whole or in part without the written permission of 3Fox International Limited is strictly forbidden. The greatest care has been taken to ensure the accuracy of information in this magazine at time of going to press, but we accept no responsibility for omissions or errors. The views expressed in this magazine are not necessarily those of 3Fox International Limited or Reading Council.
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COVER IMAGE: Reading’s iconic office building, The Blade
ExECutIVE EdItOR: Kirsty MacAulay
ACtInG EdItOR: Siobhán Crozier
FEAtuRES EdItOR: Alex Aspinall
ARt dIRECtOR: Terry Hawes
AdVERtISEMEnt SAlES: Paul Gussar
PROduCtIOn MAnAGER: Rachael Schofield
OFFICE MAnAGER: Sue Mapara
MAnAGInG dIRECtOR: Toby Fox
IMAGES: Neil Horne @ eye-imagine photography, Reading UK CIC, Vladimir Dimitroff, SEGRO, University of Reading, Wikipedia, David Wynne, Penta Hotels, Reading FC, MERL, Beale Park, Hexagon Theatre, Knight Frank, Indent Design, Lambert Smith Hampton, Jamie Oliver, Sackville Developments, United Agents, Newscast, Matthew Robinson, ©iStockphoto.com/3Foximages, William Britten, The Oracle
PRIntEd by: Trade Winds
PublIShEd by:
Lower Ground Floor 189 Lavender Hill London SW11 5TB T: 020 7978 6840
On bEhAlF OF: Reading UK CIC(The economic development company for Reading)Davidson HouseForbury SquareReading RG1 3EUwww.livingreading.co.uk
dEStInAtIOn MAnAGER: Sue BrackleyT: 0118 900 1624
ExECutIVE dIRECtOR: Tim SmithT: 0118 900 1625
SubSCRIPtIOnS And FEEdbACk: www.rukmagazine.com
The magazine that tells you about Reading
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Station Hill consentSackville Developments received outline consent for its ambitious plans to redevelop the two-hectare site adjacent to Reading’s train station back in autumn 2009. The company is eager to progress with the development, which it says could see work start on site as soon as 2011, with the first phase complete by 2014.
Designed to complement the council and Network Rail’s plans to invest £880 million in the town’s major gateway, Station Hill will bring more than 150,000sq m of mixed-use development to Reading.
Plans already set out state 80,000sq m of office space and up to 900 residential units will be added to by retail space, restaurants, bars, cafes, arts and cultural space, leisure facilities and car parking areas.
March 2010 saw public consultation exercises carried out and future plans will be brought forward with this in mind.
Gervais comes home Ricky Gervais has taken inspiration from his hometown for his latest big screen outing. Cemetery Junction, released in spring 2010, draws its name from the road junction located in Reading, while the film centres on a group of friends living in the town during the 1970s.
Art attackWhiteknights Studio Trail celebrated its 10th birthday in June this year, with 55 artists exhibiting in 27 venues around the town’s attractive university neighbourhood.
Return to Reading roots: Gervais uses his home turf in a film influenced by Saturday Night Fever, according to his fellow writer and co-director, Stephen Merchant.
News The latest news from Reading, cited by the Work Foundation as one of the UK’s strongest post-recession economies and best towns for finding employment
The magazine that tells you about Reading
Reading’s wayfinding project combines new street signage and easy to use pocket maps, to help residents and visitors navigate the town centre.
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ReadingRetail Park
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ReadingRetail Park
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Map Scale250 metres (approximately)
4 Concert Hall D3
5 Museum of Reading D3
14 Queen Victoria Monument C3
18 Town Hall D3
21 County Court C3
Attractions & Information
Map Key
Main switchboard 0118 939 0900www.reading.gov.uk
Visitor Information:www.livingreading.co.uk
Local Travel Information:www.reading-travelinfo.co.uk
Reading Explorer Point © Streetwise Orientation & Navigation Systems Limited© Crown Copyright. All rights reserved. Reading Borough Council. Account No. 100019672. 2009
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Reading ExplorerReading Explorer will help you find your wayaround the town, while providing a glimpseof its fascinating past. Information pointsthroughout the town centre are shown on theadjacent map.
Walking in ReadingReading is perfect for exploring on foot, withmost attractions within easy reach. On both thetown centre map below and the locality mapadjacent, the gridlines are approximately 250metres apart. Walking 250 metres at an averagepace will take around 3 minutes.Walking can help manage your weight.
Reading Explorer Points
15 Saint Mary’s Butts/Gun Street C4
16 Chain Street/Saint Mary’s Minster C4
17 Duke Street D4
18 Queen’s Road Car Park D4
19 Chestnut Walk E3
20 North West Forbury D3
21 Vastern Road D1
8 Oxford Road/Queens Walk A4
9 Broad Street/Saint Mary’s Butts B4
10 Broad Street/Union Street C3
11 Broad Street/Queen Victoria Street C3
12 Broad Street/Minster Street C4
13 King Street/High Street D4
14 Civic Centre B4
1 Railway Station C2
2 Blagrave Street C2
3 Friar Street/West Street B3
4 Friar Street/Merchants Place C3
5 Friar Street/Station Road C3
6 Town Hall Square D3
7 The Forbury/Abbot’s Walk D3
Attractions & Information
1 Royal Berkshire Hospital G6
2 The Oracle Shopping and Leisure C4
3 Broad Street Mall B4
4 Concert Hall D3
5 Museum of Reading D3
6 Hexagon A4
7 Thames Valley University G4
8 South Street Arts E5
9 Chestnut Walk (Oscar Wilde Memorial) E3
10 Museum of English Rural Life F6
11 Forbury Gardens D3
12 Abbey Ruins E3
13 Riverside Museum at Blake’s Lock G3
14 Queen Victoria Monument C3
15 Greyfriars Church B3
16 Minster Church of Saint Mary the Virgin C4
17 Saint Laurence’s Church D3
18 Town Hall D3
19 Civic Centre B4
20 Crown Court D3
21 County Court C3
22 Magistrates Courts B5
23 Main Post Office D3
24 Job Centre Plus B3
25 New Directions D4
26 Library D4
27 HMP Reading (Prison) E3
28 Simeon Monument D3
29 Abbey Mill Arch D4
30 Oracle Riverside C5
31 Reading Walk-in Health Centre B4
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Explore all avenuesThe town centre is now more navigable thanks to the introduction of Reading UK CIC’s wayfinding initiative, produced in partnership with Reading Borough Council.
The award-winning Explorer navigation system delivered new street signage, installed throughout the town centre. It provides visitors and residents with clear maps indicating landmarks and points of interest, as well as information detailing the town’s history.
Located at 21 sites around town, the Explorer units are complemented by the release of an updated version of the popular Explorer pocket map, available from hotels and visitor destinations.
Reading has scooped prizes and secured a raft of accolades over the past year.
February 2010 saw Reading gain international recognition, as fDi Magazine (foreign direct investment) named it the Best Micro City for Infrastructure 2010/11. The town ranked as eighth best micro city overall, in a poll that included European destinations such as Monaco and overall winner Eindhoven. A micro city is an urban centre of 250,000 or fewer.
In July 2010, the Work Foundation cited Reading as one of the UK’s best towns in which to find employment and said that Reading is set to emerge from the recession as one of Britain’s strongest economies.
England’s South East was awarded the title of Best Northern European Region of the Future. The Thames Valley also ranked
fourth in the award for Best fDi Strategy in Northern Europe category. This followed rich praise from independent think-tank Centre for Cities in its Cities Outlook 2010 report. It names five cities with the charateristics to thrive coming out of recession: Reading joined Brighton, Milton Keynes, Cambridge and Edinburgh on the list. Labelled as ‘one to watch’ in 2010, the report cited Reading’s strong private sector, high level of entrepreneurialism, highly educated workforce and its knowledge-based economy as factors serving to ensure the town will emerge strongly from the downturn.
The town’s retail offer was lauded in May 2009, when CACI’s annual Retail Footprint Briefing highlighted Reading as one of the top 10 credit crunch resistant centres in England.
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Reading Explorer Point © Streetwise Orientation & Navigation Systems
Friar Street/Merchants Place
Thames District
Museum of Reading (5, D3)
The family-friendly Museum of Reading offers fun for all ages. There you can discover more about Reading’s long history, including the Abbey where King Henry I was buried. Explore the historic “3Bs” - beer, biscuits and bulbs - and browse in the unique Huntley & Palmers biscuit gallery. Discover what life was like in Roman Britain and marvel at the mosaics from the abandoned town of Silchester. Britain’s very own Bayeux Tapestry (an exact replica of the original) is displayed in its 70-metre entirety.
Admission to the Museum is free, closed Mondays.
The Birth of Reading Festival The Reading Festival has been a colourful addition to August in Reading for nearly forty years. From humble beginnings as the Reading Jazz and Blues Festival, to the world-famous cultural event of today, millions have enjoyed the music at one of the safest and best regarded events of its kind.
Back in 1971 local people actively campaigned against the first festival, fuelled by media speculation of forthcoming anarchy. However, the event went ahead as planned, on its idyllic site on the Thames, though in damp and muddy conditions - setting the tone for many festivals to
come! Reading businesses quickly rallied to support the Festival and the modern event provides a massive boost to the local economy, with over 80,000 fans attending each day.
Edwardian Elegance Harris Arcade links Friar Street with Station Road and although it is the epitome of Edwardian elegance actually dates from the 1920s. It is named after the businessman who developed the site, Mr John Harris.
The entrance to the arcade from Friar Street is at Number 15. Originally a substantial Georgian townhouse, the first small shopping arcade was formed from the ground-floor reception rooms and back garden of this property.
The Station Road entrance (and the trendy bar next door) occupy the site of Great Western Motors, for decades a famous car showroom and garage. When GW Motors vacated the building in the 1970s it became the site for a popular indoor market, known simply as “Traders”.
Today, an extended Harris Arcade is Reading’s most charming indoor shopping precinct, and home to a unique range of specialist shops.
The Trial by CombatAccused of cowardice and treachery by Robert de Montfort, Henry de Essex requested a trial by combat to clear his name of the charge that, as Henry II’s standard-bearer, he had deserted the battle field. His defence was that he believed the King had been killed, the only circumstance in which a standard bearer could abandon the field.
The King ordered that the duel between Essex and Montfort take place at Reading, and was there to watch the battle. In April 1163, on what became known as De Montfort Island (and is now Fry’s Island, near Caversham Bridge), the two noblemen met. Essex was defeated, thereby proving his guilt, and left for dead by De Montfort. However he survived, cared for by the monks, and
eventually took Holy Orders himself.
Harry Morley’s ‘Trial by Combat, 1163’ (painted in 1918) is on view at The Town Hall.
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And the winner is...
“Reading ranked as eighth best micro city – poll included Monaco and overall winner Eindhoven”
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News
Going globalReading’s impressive offer as a relocation destination has gained an international profile, being among the country’s first towns to sign up to a new online initiative targeting businesses worldwide.
Locations4business.co.uk profiles relocation options in the UK. Tim Smith, executive director at Reading UK CIC, believes it is one of the best ways to actively market the town.
He said: “Joining locations4business is a cost effective way to channel potential sources of inward investment. The internet is the first port of call for investing companies and locations4business is the only site of its kind.”
Workplace skillsReading and Thames Valley employers will find provision of training for their workforce is greatly enhanced this autumn. Reading College was due to become formally incorporated as a new further education college from August 2010.
“The internet is the first port of call for investing companies and locations4business is the only site of its kind”
Shopper’s delightReading’s healthy retail offering has continued to go from strength to strength in recent
months. Its position as one of the south’s leading retail centres has strengthened thanks to impressive retail churn, which has seen brands such as Lakeland, Ethel Austin and Clas Ohlson replace The Pier, Zavvi and Woolworths.
Steve Belam, general manager at The Oracle, said: “You can judge a town centre on the amount of vacant units. It is a clear indicator of the economic sustainability of a town’s retail offer. We have two shopping centres, both of which are fairly full. We only have one unit that we have not let and we have 118 units. The town centre story is similar.”
Reading’s impressive restaurant portfolio follows this trend, with the regional capital now boasting Jamie Oliver’s latest restaurant, Jamie’s Italian, and a new Café Rouge, both at The Oracle. Bill’s Organic, the acclaimed café and grocery store, opens in summer 2010 next to Reading Minster – and almost next door to John Lewis, where a £14 million refurbishment scheme is under way.
Jamie Oliver said, “We really came up trumps with our site in Reading: a cracking building overlooking the canal, right slap bang in the heart of restaurant land.”
Diamonds are forever Reading UK CIC is spearheading efforts to maximise the potential of the Central Berkshire Diamond. The Regional Economic Strategy for the South East highlighted a series of economic hubs that have the potential to facilitate regeneration and development in the areas surrounding them.
Reading is at the centre of a diamond that stretches roughly from the west of Theale, through Reading and along the A329(M) corridor, encompassing Bracknell and extending approximately five miles north and south of Reading’s urban boundary. •
Training targeted to increase your business performance
Funded and affordable training
Flexibility to suit your business
Wide choice of training
Specialistsin vocational education and training
Working with employers in Reading and the Thames Valley
Make a difference to your organisation
0800 371 434reading-college.ac.uk
The magazine that tells you about Reading
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reading illustrated
Top10
tips for time out
Reading is packed with exciting experiences. Whether you want to watch world class sport, take a day out to entertain the kids, or simply want to chill out and enjoy life, you’ll find something very
special on offer
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Walking, Wandering, freeWheelingWith over 400 acres of parkland, riverside meadows and play areas, it’s easy to enjoy the outdoors – and all Reading’s parks are open to cyclists.The Forbury has formal gardens, the ruins of 11th century Reading Abbey, and the imposing Maiwand Lion. Reading is a key destination on the Thames Path national trail with eight Thames Parks open to the riverside: Caversham Court, Christchurch Meadow, Hills Meadow, View Island, Kings Meadow and the Coal woodland, the Thames Promenade and Rivermead, and Bucks Eyot. Reading’s largest open space, Prospect Park, has fine views across the Kennet Valley.
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Madejski stadiuMFootball crazy or a fan of the oval ball game? Madejski Stadium is the 25,000-seater destination for live sporting action. Home of Reading FC, the Royals share their superb stadium with London Irish RFC. Soccer and rugby crowds agree on one thing: the atmosphere at Madejski games is always electric.
retail richesUK’s top retailers Debenhams, House of Fraser, John Lewis and Marks & Spencer, are all in one place.Broad Street Mall is packed with high street names. Home to 118 stores, The Oracle regularly hosts fashion shows and celebrity events.
Pubbing, clubbing or cocktailsReal ale traditional pubs: Hop Leaf, Hobgoblin or Hook and Tackle. The Lyndhurst, Moderation and the Warwick have all been refurbished, a contemporary take on pub-eatery. The Ivory Lounge in The Oracle – stylish décor, cocktails, shots and wines. Mix Bar for kitsch opulence. Ice-cool: on-trend Sahara Bar for cocktails; the sophisticated Malmaison Wine Bar; and the chic Cerise Cocktail Bar.
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Wildlife and fun for kids Kids enjoy a day out at Beale Park with its wonderful collection of birds and wildlife. Philanthropist Gilbert Beale established this 350-acre Thameside parkland in 1956, opening it to the public and establishing a home for his collection of rare peafowl. Young visitors love to encounter the white stork, kookaburra, Indian blue peafowl and various owls. Resident wildlife includes racoons, lemurs, meerkats and alpacas. There’s also a Thames river cruise and narrow gauge steam and diesel railway.
tiMe travelThe Museum of English Rural Life is all about the history of food farming and the countryside. Artefacts include the 1877 portable steam engine (above).The Museum of Reading on Town Hall Square records the history of the “Biscuit Town”. Visitors can learn about Reading Abbey or more recent history in the Reading Festival archive.
Quick bites, fine diningReading’s restaurants serve all tastes and budgets. The Oracle has pizzas (Express or Hut), Strada, Old Orleans, Yo Sushi and Jamie’s Italian, among many others. Forbury’s has several major foodie gongs. Award-winning waterside restaurant, London Street Brasserie, is a gastronomic treat. The Malmaison Brasserie is cool, chic and understated. And at L’ortolan in Shinfield, Alan Murchison, of Great British Menu fame, holds the coveted Michelin star.
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Working outAs well as all the major private health and fitness outlets in the town, Reading Borough Council has seven sport and leisure venues. All are geared to people of different levels of fitness and ability. They operate pay-on-the-day rates as well as offering discount cards for regular users.Palmer Park Sports Stadium, set in stunning parkland, is one of the best in the region. It has an athletics stadium, floodlit soccer pitch, floodlit artificial grass for five-a-side football, an air-conditioned gym and a 460m velodrome. And there’s a Costa Coffee for relaxing after a workout.
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art and cultureReading’s lively and thriving arts scene hosts an ambitious programme of events to showcase new art. The Contemporary Art Fair in April promotes affordable art.Reading Arts Week in June, organised by New Directions, celebrates new work by adult learners and local artists. The jelly arts charity supports emerging artists and now has a new town centre base, thanks to the support of real estate fund managers PRUPIM.Vibrant community events such as the one-day festival doubledotBASH! and festival of Asian arts and culture, Dhoom Dhamaka, take place during the summer months.
draMa, Music or MoviesReading enjoys a wealth of live drama and music performances. The Hexagon Theatre hosts the Classical Music Alive international performance season, featuring the Royal Philharmonic Orchestra. It also puts on acts as part of the Reading Comedy Festival, as well as professional touring plays, ballet, children’s events and music concerts.South Street’s flexibly designed, intimate auditorium hosts fringe theatre, stand up comedy, contemporary dance and children’s theatre. The Concert Hall also hosts Classical Music Alive and Reading Comedy Festival events.Progress Theatre, established in 1951, is where Kenneth Branagh made his stage debut. This active repertory theatre puts on summer performances at Open Air Shakespeare events.Independent Reading Film Theatre screens international films during term time in the university’s largest auditorium. Established almost 40 years ago, it’s open to all.Reading gets all the latest releases with two local multiplexes at Vue Reading in The Oracle and Showcase Cinemas in Winnersh. •
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Continuing our commitment to Reading
Home to Yell’s UK headquarters for over 25 years, we will open our new HQ at One Reading Central this autumn
It gives us:
Yell ad.indd 1 15/07/2010 16:57
The magazine that tells you about Reading
The town’s inclusion in the top ten of CACI’s recession-proof retail centres study last year speaks volumes for the quality of its offer. Recent years have seen meaningful development in this area of Reading’s draw
and it now weighs up favourably with most comparable destinations. It even boasts a better retail offer than many larger cities; something that hasn’t happened by chance, as Guy Douglas, manager of Reading’s Business Improvement District, explains.
“Reading’s retail-led regeneration story really begins back in the 1990s, when pedestrianisation happened, and the investment came in from Hammerson on The Oracle Centre,” he says. “As that has evolved and matured, and with the combination of The Oracle, the town centre and Broad Street Mall, Reading has become a regional shopping destination.
“It has had county town status for a long time but Reading has always been a place of trade and industry. And it was always very proactive and successful in attracting new industry in the knowledge economy but there are differences in how it has been perceived by the 1.2 million people in the catchment area. What has happened is that the retail offer has become honed, sharpened and well communicated, and we have seen what can happen when we put out this message across the region.”
And it has certainly worked. Few would dispute Reading’s position as the south’s premier retail destination. It boasts major anchor names such as John Lewis, Marks & Spencer and
Top of the shops
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Reading’s retail offer continues to grow. And it’s not just the shoppers seeking a bargain on the high street who are feeling the benefit, as Alex Aspinall discovers
Debenhams; two popular shopping centres in The Oracle and Broad Street Mall; a healthy upward retail churn, with a new Wilkinsons store replacing a food court at the Mall, Lakeland replacing The Pier, Jamie’s Italian replacing Chilli’s, and Clas Ohlson replacing Woolworths. Perhaps the most telling sign is the lack of retail units lying empty.
It also has a restaurant portfolio increasing in quality, ideally positioned to cash in on the disposable income of people in the region. Retailers are attracted to this impressive set of circumstances: a fact that helps inject an element of confidence into the town.
And this isn’t just good news for the people pacing the high street in search of a few bargains. Reading’s healthy retail sector provides the town’s main source of employment for those working in the service sector, generating a great deal of cash for the town and its businesses. It also lends its weight to Reading’s ability to attract inward investment, which is obviously of vital importance as the town seeks continued growth.
It can be hard to quantify exactly how much a strong retail offer and other lifestyle-associated factors contribute to a location’s ability to attract inward investment. But it stands to reason that those looking to invest and/or relocate will
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put positive marks next to places that are likely to offer better quality of life experiences. Reading’s impressive leisure offer is definitely a bright feather in its cap and will be judged as such by those considering it for the purposes of investment.
Many people in the town recognise The Oracle as being key to Reading’s enviable retail offer. It represents everything the modern retail scheme aims to achieve; it offers a high quality, diverse retail and leisure experience in pleasant surroundings, without detracting in any way from the town centre it serves. It continues to go from strength-to-strength, boosting the town’s reputation, serving as a major draw for retailers and restaurant chains looking at Reading as a possible investment opportunity.
The Oracle has recently welcomed Café Rouge and Jamie Oliver’s Italian restaurant to its growing list of tenants and these brands highlight the quality of businesses being drawn to Reading.
Another top brand, but with a better-established presence in the town, is Bang & Olufsen. The hi-fi specialist has had a store in Reading for around 20 years
and managing director Phil McMichael has witnessed the various benefits that The Oracle has brought about.
He said: “The Oracle has helped raise the profile of the town significantly. It has helped bring a number of more prestigious brands to the town. We are not going to put a shop just anywhere. We look at the right locations, based on the size of the population, its demographic profile, and it is the same with many exclusive brands.
“Reading is growing in terms of population and footfall, and it is growing in terms of the number of businesses coming here. It continues to be more attractive for retail businesses. Retailers think about regeneration and the fortunes of a town.”
But The Oracle’s general manager Steve Belam keeps his feet firmly planted on the ground, emphasising his centre’s position as being part of the mix of Reading’s draw, rather than its main focus.
“We, as landlords, are very conscious of the part we have to play in Reading,” he says. “I am not so complacent to say that The Oracle is it. We are part of a bigger jigsaw and without Reading we would not survive, and the town
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Few shopping malls have the spectacular waterside setting of The Oracle, which adds to the potential of its night-time economy and its appeal as a leisure destination.
“The Oracle has ... helped bring a number of more prestigious brands to the town. We are not going to
put a shop just anywhere”
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might go backwards if we weren’t here. We need each other and this is why there is such a strong sense of partnership working in Reading.”
“It has brought things forward like the economic development company. And these are very key landmarks. There are no other towns in the Thames Valley that have such strong partnerships in place. This has helped Reading grow and it is what will help take it forward.”
A great example of this partnership working in action is the Retail Skills Shop, which is set to answer local skills demands by creating training and development opportunities designed for
those employed or seeking employment in the service sector. Unsurprisingly, The Oracle is one of several organisations
involved in the programme’s delivery. And it is an initiative Belam is eager to see succeed. He sees it as being something proactive that the town is doing to ensure it retains its position as the regional retail capital. It is also an opportunity to work with other towns in the area, allowing Reading to fulfil its role as one of SEEDA’s designated
In addition to all the high street names, shops in areas such as Reading’s Broad Street and Harris Arcade offer a wide range of quality and choice from independent retailers.
“Other towns won’t have the infrastructure to develop their own Skills Shops. There is nothing stopping us offering them the opportunity to use that facility”
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Diamonds for Investment and Growth.Belam says: “Other towns won’t have the
infrastructure to develop their own Skills Shops. There is nothing stopping us offering them the opportunity to use that facility. This can be done through a hub and spoke model. We are the hub and there can be spokes of smaller skills shops dotted around the region. We need the other towns around us to grow the region’s economic prosperity.
“The Skills Shop is a good example of how partnership working can grow. It is early days and there are other towns that already have established Skills Shops. The Business Improvement District (BID) is another example of working together as a town. But there is nothing to stop us taking these services and linking up with other towns, sharing services to create some scales of economy.”
This commitment to growth can ensure further retail
and leisure brands and new sources of inward investment continue to flow into Reading. This sector should not be overlooked when considering elements of the offer which facilitate progress. Its contribution is as important as Reading’s location and the knowledge economy.
Guy Douglas says: “From a retail perspective it is a very attractive prospect because the footfall is concentrated in a compact town centre.
“Things are in place to ensure Reading’s continued retail success. There is demand to warrant further investment; we are coming out of a recession and Reading still has strengths, such as location. The Oracle is going from strength to strength, with ideas for the future. I’m looking forward to the next few years, as we’re going to see innovation that will add to the offer.”•
A healthy retail offer can impact on a location’s ability to attract other leisure-related businesses. This applies particularly to restaurants and hotels, which have been increasing in number and quality in Reading.
The town’s dining options are noticeably improving. Established names such as Forbury’s are being joined by others offering top quality food.
The spine of The Oracle where the River Kennet bisects the mall, is a unique waterside space, which has become popular with restaurants and cafes, as well as the people eagerly filing through their doors each day.
High profile names such as Café Rouge and Jamie’s Italian have added weight to this offer, while quality independent LSQ2 has now opened its second Reading venue.
Reading’s retail successes have also led to a better quality of hotel being attracted to the town. An outstanding example of this is the arrival of the internationally respected Penta Hotels brand. Architect Matteo Thun was enlisted to redevelop the old Renaissance Hotel, transforming it into a guise fit to carry the Penta badge. He did a pretty good job; one of Reading’s most stylish hotels has been delighting guests ever since its opening.
Retail, RestauRants and Rooms
“From a retail perspective it is a very attractive prospect because the footfall is concentrated ina compact town centre”
The Oracle is integrated, with easy access to Reading’s compact town centre.
CHATHAM PLACE
www.musedevelopments.com
307 apartments Public open spaces Retail space596 space public car park
Muse Developments has successfully completed Phase 1 and is working with Reading Borough Council to bring about the next phase of development.
IN CONJUNCTION WITH
£250 million mixed use development 560,000 sq ft now completed!
SHAPING READING’S FUTURE
I fell in love with this ultra modern apartment and knew I didn’t want to live anywhere else.Katie, Chatham Place resident
Chatham Place has all the attributes of a London scheme, in terms of its scale and quality of development, except it’s in Reading!Fiona, Chatham Place resident
G54973 CP UK Mag ad 273x205mm.indd 1 10/6/10 16:29:15
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Q: You’ve worked in the Thames Valley for three decades. How has Reading changed during that time?
A: Beyond all recognition. When I started working in the Thames Valley in the 1970s Reading was considered to be a rather dour, dull industrial market town where there was a perception of congestion and crime – its centre was the sort of place that women were concerned about walking through at night. It wasn’t seen as an attractive place, although it was a busy place, it’s always been a busy place. The built environment was mainly characterised by 1960s and 1970s buildings: grey, concrete, dull and unimaginative.
But as I said, Reading has changed beyond all recognition and definitely for the better. We’ve had a very forward thinking local authority for some time now, with the foresight to produce the Reading City 2020 plan. It has a very positive outlook and has worked on the principle of aiming to accommodate developers, if possible. And that continues . . .
Q: What have been the triggers for Reading’s transformation from market town to “city”?
A: The process [of change] began at the start of the 1990s. The recession of the eighties hurt everyone and Reading was no exception. But in the early to mid-nineties the changes had started to manifest themselves and by 1995 the sun was definitely shining again.
Between then and 2000, The Oracle shopping centre, with over 65,000sq m of retail space, opened and Reading Football Club relocated to Junction 11 of the M4
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From hi-tech business parks to refurbished waterfront premises, Reading has cast off its former dreary image.
All change Reading has transformed itself over the past decade. Julie Mackintosh finds out what local resident and commercial property consultant Roger Hicks thinks of the changes
“Reading has changed beyond all recognition and definitely for the better”
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The magazine that tells you about Reading
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R:UK
interview
24with a 28,000-seater stadium. At the same time – and this is crucial – Prudential [which has its HQ in the town] put a lot of money into the A33 relief road, which improved connectivity and made the 200-acre Green Park business park possible.
All of this happened during five crucial years between 1995 and 2000 and became a catalyst for a flood of residential planning applications in the town centre. That was unprecedented. On the back of these, there were yet more applications for pubs, restaurants, nightclubs and shops. Going back 20 years there were about three restaurants you could eat in, not the choice of 100 today.
Q: Is there an inevitable tension between old and new in places that experience rapid growth?
A: Of course there are always some people who aren’t happy but there haven’t been any great tensions. Indeed, I would say Reading is an excellent exemplar for rapid change and it has been an inclusive process.
Q: How would you assess Reading’s economic performance during the recession?
A: I think Reading has fared better than many other places, possibly because of the large number of technology companies based here, pioneering some real cutting edge stuff. That’s the direction the world is going in – faster, smaller, better gadgets. If you had to characterise this area in one word it would be “technology”. Greater Reading has five large business parks and we’ve always attracted major HQs. Microsoft, Oracle, Cisco and Symantec all have their headquarters here.
In the Thames Valley you are within striking distance of Heathrow. From Reading you can reach London in 25 minutes by train and the rail service is definitely one reason why companies are here. Reading is currently the second busiest provincial station after Birmingham. The government and Network Rail are investing £880 million in the station, tracks, signalling and platforms by 2015. They are doing this because Reading is a key transport interchange; it’s one of the very few places in the country where you can connect in any direction to any corner of the UK.
Q: Do you concur with the view that Reading is recession proof?
A: No, nowhere is. But in comparison with other areas, Reading has been pretty robust.
Q: As a commercial property consultant what has been your experience of the past couple of years?
A: The recession has taken its toll. The rapid development that began in the 1990s probably peaked around 2003 but it continued at pace until about two years ago. The schemes coming to fruition now were started before the recession really began to bite: three new buildings for Prudential at Green Park and The Blade, a 10,000sq m scheme in the town centre, plus Yell’s new headquarters. But there is very little else going on and some developers have mothballed projects. I’ve had many investors on the phone who are very keen to get going as soon as things pick up again. My own view is that the next 12 months will be difficult. There are signs the residential market is improving, but there is still the chance of a double dip.
Q: What’s next for Reading?
A: Reading has come on in leaps and bounds but there’s still a lot to do, especially around branding and removing old perceptions. There are still people who won’t come here, partly because of the name, but as generations go on and the perception is of the new, not the old, this will change. One does get the sense that the retail and leisure offer is predominantly for people under 30 so hopefully this balance will be corrected in the future.
The council has done a good job in managing traffic but there is still congestion. In many ways it’s the price of success – however, we have to find a way of getting people out of their cars.
Q: What are your favourite Reading places?
A: Any of the river areas, the park at Forbury or the Abbey Ruins. •
about roger hicks:The founding partner of commercial agents Hicks Baker, Roger specialises in property development and
corporate relocation. He is a Fellow of the Royal Institution of Chartered Surveyors, a member of the Independent Appeals Board of the College of Estate Management and the editor and principal author of Reading Development and Investment Review.
Contemporary urban apartments and penthouses are available at Chatham Place (top), while the growth of grade A office space continues to draw multinationals.
“Reading has fared better than many other places, possibly because of the large number of technology companies based here, pioneering some real cutting edge stuff”
For more information about these companies, visit www.rukmagazine.com/links
R:UK partners group Joining together to support Reading
David Lock AssociatesDavid Keene [email protected]
Haslams Estate [email protected]
Hicks BakerStephen Head MA [email protected]
JDPSteve Dixon [email protected]
Jon HallettJon Hallett [email protected]
ManchesJustin Starling [email protected]
SEGRO plcKate Dean [email protected]
T A FisherCarol Harwood [email protected]
R:UK
R:UK
office space
26
While the past 18 months have been difficult for all UK towns and cities, Reading has proved to be more resilient to the downturn than most places. David Blackman reports on indications of recovery in the office market, following lean times in the sector during 2009
Space race
The magazine that tells you about Reading
27 Reading received a late Christmas present in the form of the Centre for Cities annual Cities Outlook publication. According to this snapshot of the performance of UK towns and cities, Reading is one of the best positioned places to exploit the upturn when it occurs. The report cites
Reading as an example of a town “well placed to attract jobs and growth” thanks to its “location and economic base.” And during the summer of 2010, the Work Foundation’s report, No city left behind?, predicted that Reading, Oxford, Bracknell and London would experience significant growth, with the potential to emerge from the recession relatively unscathed. A sense of cautious optimism is reflected on the ground. While mounting unemployment has undermined the commercial property market across much of the UK, Reading’s has seen signs of life over the last few months.
While big deals proved relatively elusive in 2009, there is a steady stream of enquiries and smaller transactions. First deal to be agreed in the town in 2010 was health and social care provider, Care UK, in its move to occupy the 900sq m ground floor of Plaza West in Bridge Street.
This announcement followed a hat trick of deals by Aviva Investors on its Pinnacle building, a grade A office block just a few minutes walk from Reading railway station, which fetched around £23.50 per sq ft.
This type of deal represents lean pickings compared to pre-2009 levels of activity with overall lettings last year down by between two thirds and three quarters, according to Neil Seager, a partner at Reading-based property agency Haslam Commercial.
Nevertheless, rent levels for the best quality space in Reading have held up well. Space at One Reading Central is understood to be under offer for just over £30 per sq ft, busting the £28 per sq ft being achieved on grade A offices at the tail end of the boom.
This performance compares very favourably with locations elsewhere in the Thames Valley, like Maidenhead and Bracknell, where prices have dropped by up to 40% over the past two years. “We will be able to demonstrate rental growth, which will be a step forward,” says Nick Coote, head of Lambert Smith Hampton’s Reading office.
Reading’s relatively strong performance is underpinned by a string of factors, which mean the town continues to be attractive to employers.
Reading’s economy is forecast to grow by 3.5% over the next decade and a half, faster than any other UK town or city. This prediction is grounded in recent success. Of the South East’s 62 inward investments made in 2008–2009, well over one-third (37%) came to the Thames Valley area, with just under half of these ending up in Reading itself.
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Over the past few decades, Reading has transformed its manufacturing-based economy into one founded on the knowledge based businesses, which are key to future prosperity. Its workforce is one of the UK’s most productive, earning higher than average salaries. And the population is highly skilled with the proportion of its population educated to degree level well above the regional average.
A recent National Endowment for Science, Technology and the Arts report mentioned Reading in the same breath as Cambridge and Oxford as examples of places which are “cutting-edge innovation leaders constantly expanding the knowledge frontier to develop new products and services.”
And its already enviable transport links – at the crossroads of the M4, and east-west and north-south inter-city rail routes – have been boosted even further by the recent opening of Heathrow’s terminal five. In addition, both the nearby junction 11 of the M4 and Reading station are being upgraded, increasing the town’s capacity.
Seagar says: “It’s one of the best offers outside of the West End – and West End rents are three to four times as high as in Reading. If you are trying to cut costs and don’t want to go into central London, it’s a good deal.”
It is advantages like these that explain why a host of companies have chosen to locate their headquarters in Reading. Verizon Business, Cisco, Prudential, Symantec, Microsoft, Oracle and Logica are just a few companies that have chosen Reading as their UK home, entrenching the town’s position as de facto capital of the Thames Valley.
However, Reading has a limited supply of grade A office stock in the town centre, although such space can be found more easily out of town at Green Park (see next page).
The town contains around 185,000sq m of available office space, but only about 30,000sq m of this is grade A.
“While rents are holding up well for grade A space, there is a pronounced and growing gap between the performance of such top of the range property and the rest of the market,” Seagar comments.
Nevertheless, the shortage of grade A space means the prospect for schemes, like the Station Hill redevelopment, which has recently secured planning permission, must be bright. It is factors like these that give investors the confidence to invest in Reading.
“It’s one of the best offers outside of the West End – and West End rents are three to four times as high as in Reading”
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office space
28
Green Park has attracted several multinationals and already has a 4,000 strong workforce. This is growing, as new companies are moving in.
Green parkNearly 4,000 people are already working at Green Park, with many of them employed by its multinational occupiers. Major players such as Cisco, Symantec, Logica, HSBC and Regus are already established on the park. And they were joined last year by Thames Water, which took 550 South Oak Way, a new building of 4,000sq m. It is occupied on a 25-year lease as Thames Water’s operational management centre – Reading’s largest letting deal of the year.
For Steve Shine, Thames Water’s chief operating officer, the size of the building’s floorplates is a key attraction: “By integrating a number of our core operational functions in this way, we will be in a much better position to plan and coordinate our work. This will give us the ability to respond more quickly to our customers and make it easier for them to deal with us.”
Rory Carson, associate director of asset management for PRUPIM adds: “There is still demand from occupiers for new, high quality offices and the location of Green Park and the amenities it provides make it a compelling offer.”
SEGRO’s IQ Winnersh scheme is rapidly taking shape. Under the company’s plan to redevelop the 32-hectare business park, the amount of floorspace will be increased to 180,000sq m, approximately 50% more.
Construction is now well under way, with Harris Systems fitting out Building 1020, following a pre-letting of 6,800sq m of office space.
Engineering firm Jacobs is fitting out 12,300sq m of completed space that it plans to move into during summer 2010, while Microchip has taken occupation of its new 2,787sq m UK headquarters facility.
But IQ Winnersh will be much more than a business park. In addition to the office space being developed, it will feature shops and restaurants as well as Holiday Inn’s first four-star hotel in the UK, complete with conference facilities, a state-of-the-art gym and a swimming pool.
The scheme is due to be completed by 2011. Spring 2010 saw the completion of a new £2 million footbridge, providing convenient pedestrian access to the nearby railway station, with links to Reading and London
Paddington in seven and 40 minutes respectively.
Meanwhile slip road improvements will enhance direct access to the A329 and M4 Junction 10.
As part of the scheme, SEGRO has also developed a 8,361sq m speculative office building, which will have a very good BREEAM rating and boast carbon emissions approximately 50% below those of a standard office, setting new standards of environmental sustainability for a Thames Valley business park.
Other sustainable features will include a chilled beam system, which cools water for the air-conditioning with 20% less carbon emissions than traditional cooling systems and a heat recovery system, which recycles up to 85% of the warm air extracted from the office.
iQ Winnersh
The magazine that tells you about Reading
The BladeDeveloper: PMB HoldingsArchitect: Sheppard Robson Size: 10,000sq m of grade A space on 14 floors with an average floorplate of just over 700sq mStatus: accountancy and business training firm, Kaplan Financial were The Blade’s first tenant.
One Reading CenTRalDeveloper: Kier Property and Invista Real Estate Management Size: 62,245sq m of grade A space in three buildings Status: Autumn 2010 Yell due to move into 14,000sq m. Up to 560sq m available in first phase. Buildings Two and Three will provide up to a further 42000sq m.
advanTage Reading (RefuRBiShmenT)Developer: Valad Size: 2,300sq m Status: Spring 2010 available to let. Light filled, open plan office space over five floors, which achieves an excellent BREEAM rating.
STaTiOn hillDeveloper: Sackville Architects: Scott Brownrigg and Chapman TaylorSize: 80,000sq m of offices, 750 residential units with 19,000sq m of space for retail, restaurant, cafés and barsStatus: Phase one due to commence in 2012.
29
in the pipeline
Ground & first floorslet to Kaplan Financial
A cut above the rest
Roddy AbramKevin Wood
Charles Dady Andrew Agnew
Darren Parkinson
www.thebladereading.com
- 12 floors ranging from 7,235 to 97,309 sq ft
- West End quality specification.
- Rail connections to London
Paddington in 27 minutes.
- Spectacular views.
- ‘Very Good’ BREEAM rating.
The magazine that tells you about Reading
innovation
31
Forward thinking
Reading’s relevance as a business location is well documented. And the continued success of its innovative and high growth industries means that isn’t likely to change any time soon. By Alex Aspinall
continued overleaf »
R:UK
innovation
Sitting thirty minutes west of London and a similar car journey from Heathrow, Reading’s growth owes a great deal to its enviable location. Businesses looking to invest or set up in the South East are forced to take the town’s offer seriously. It has the access to market, transport
links and skilled population most businesses are looking for, and it offers these things without the price tags associated with establishing a presence in central London.
Indeed, Reading’s rise through the ranks of the country’s premier business destinations has seen it receive glowing endorsement from a variety of independent sources; with organisations and think tanks eager to emphasise the town’s recession-proofness, and its status as ‘one to watch’ over the coming 12 months.
Paul Britton is the deputy head of external affairs at the Thames Valley Chamber of Commerce, which is one of the largest in the country. He says: “There is a lot of focus
around UK competitiveness and Reading has gone through quite a considerable change over the last 15 years. It has managed to attract the global brands other cities may well look at with envy.
“The main driver for companies setting up in the area continues to be access to market and if we are looking to win headquarter relocations, that’s where our proximity to Heathrow is key, and also access to a highly skilled talent-base. We must plan and anticipate the skills needs of tomorrow’s companies.”
The town’s offer has proved particularly attractive to companies operating in high growth, technology based sectors. Reading has become synonymous with these organisations and is especially popular with small start-up businesses aiming to push their innovative products onto the market and seek growth at speed.
And they couldn’t be better positioned; the impressive skill base of the people living in the Thames Valley complements Reading’s location and there is also an
32
Reading continues to attract companies in the high growth, technology based sectors, with its proximity to London and Heathrow a key factor in drawing them to relocate.
The magazine that tells you about Reading
»
impressive level of business support available in the town. The Knowledge Transfer Programme (KTP) at the
University of Reading is among the leading organisations of its kind, ranked fifth out of the 120 KTP teams in the country. Its remit is to help companies in the region improve their productivity and competitiveness by providing access to the university’s expertise, knowledge and research programmes. The team concentrates largely on the companies operating in Reading’s burgeoning innovative sectors and has enjoyed great success over the last 20 years.
Anna Price, business development manager at the University of Reading’s Knowledge Transfer Centre, says: “The university works with organisations in many different ways, ranging from providing expertise for a couple of days consultancy, right through to working on really strategic longer-term projects.
“We deal with companies that might want to break into a new market and need to develop a new product, which has never been produced before. They might work
“Reading has seen considerable change ... It has managed to attract the global brands other cities may well look at with envy”
KTP case sTudy:@uK PlcThe overall aim of this project, which saw @UK join forces with the University of Reading and London’s Goldsmiths College, was to develop a product-and location-aware search engine to form a key part of the company’s e-procurement and market place platform. The work had three core focuses: spidering, classification and ranking, and was designed to create an improved user-experience. The partnership was very successful, and resulted in the development and deployment of new spend analysis software that has become a significant new revenue stream for the company.
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innovation
34
with us from a research perspective and then also to commercialise it after that.
“Many of the companies we work with are quite small in terms of staff numbers but they have a lot of really great, innovative ideas. The university is really keen and enjoys working with them to take their ideas forward.”
The university places great importance on its relationships with local businesses. Its KTP service is very responsive to the specific needs of its clients, and considerable effort is made to ensure the appropriate academics are paired with businesses likely to gain from their expertise and research programmes. This focus on ensuring that research assistance contributes to business success demonstrates the university’s role in helping to develop the town’s economy.
The partnerships generated also commonly see recent graduates take responsibility for working on challenging projects of central importance to real businesses. These can serve as vital work experience for skilled young people and offer businesses the opportunity to access the talent they need to expand. Around 70% of the graduates working as part of a KTP partnership are offered employment by their host company after completing their placements.
Anna Price says: “There is a mutual gain for everyone involved and from an academic perspective also, these collaborations will add to education, learning and research. Our aim is for long-term partnerships with our three-year partners. We hope our collaborations will lead on to longer-term projects and further investment.”
But the university is not the only organisation working to retain Reading’s place at the top of the UK’s business destinations. The Thames Valley branch of the South East Business Innovation and Growth organisation is based in Reading, and aims to have a ‘tangible and positive impact on companies in the South East of England, which have the potential to innovate and grow.’
Comprised of experienced business professionals, coaches and mentors, and working in conjunction with a wide range of local partners, Thames Valley Innovation and Growth works to assist businesses at every stage of their development. Its services include advice, coaching, mentoring and networking.
Once again, the service is tailored on a case-by-case basis to ensure that the maximum benefit is given to each
client, which are most commonly those operating in the high growth, technology focused businesses leading the charge.
Susan Elliott, team director at Thames Valley Innovation and Growth, says: “Reading is doing well as a business destination. There are pockets of businesses struggling but the ones that are succeeding are the ones embracing technology to drive them forward and reduce costs.
“The high growth businesses tend to be managed by very good people, many from the corporate sector. The industry that surrounds us, the big corporates, often generate people that go on to start their own smaller businesses.
“It goes back to being able to sell what we are good at and making the most of new technologies and new science; applying and transferring knowledge from one industry sector to another. It is about forward thinking and we are good at this; rising above the norm.”
Forward thinking seems to underpin Reading’s approach to business, both in terms of the town’s focus on ensuring it meets the needs of tomorrow’s businesses, and because of the kind of organisations pushing the town forward. It can be seen right across the board, with the businesses and support services all eager to stress the benefits of working in this way.
The fast-moving nature of the knowledge economy means if you spend too long celebrating your inclusion in top tens and independent reports, you won’t be making an appearance on the next set. The businesses working in the field know this, and so do Reading’s support organisations.
Paul Britton says: “We always want to ensure people avoid complacency. There is a focus on thinking about what the next wave of emerging technologies is going to be, and Reading is often used as a barometer for how the UK is performing in this area.
“Reading has secured its fair share of inward investment but it has obviously been hard over the last couple of years. We have to make sure the town is well positioned to capitalise when there is more confidence in the markets.”
This will involve sustaining the emphasis on the marketing of Reading’s enviable qualities to potential investors, and ensuring that the business support services remain as committed as they are currently. Perhaps most importantly of all, it will involve boosting the numbers of highly skilled workers required to push the boundaries and ensure that Reading will remain at the forefront of innovation in the UK.•
KTP case sTudy:HorTiculTural Trades associaTionThis ongoing project is to research, develop and mainstream a new qualifications framework for commercial ornamental horticulture, designed to meet the needs of industry. It sees the University of Reading teaming up with the Horticultural Trades Association, with support from the Horticultural Development Company. The partnership was finalising the recruitment of graduate associates to take part in the project as R:UK went to press.
The University of Reading values its relationships with local businesses and works closely with them, including many of the town’s smaller enterprises, helping to take forward their ideas.
• We reach out to wide sections of the community through workshops for schools, access to student tutors and visits into the University from schools or individuals on weekly campus tours. • The University is estimated to contribute £600 million to the local economy annually • Two thirds of our students stay within a 50 mile radius of Reading upon graduation
• We are investing £250 million in our main campus over the next 10 years • Our historic merger with Henley Management College has created one of the largest full-service Business Schools in Europe • We have won the Queen’s Anniversary Prize for Higher Education three times; in 1998 for the Globe Theatre Project, 2006 for Meteorology & 2009 for Archaeology
A global university on your doorstep
www.reading.ac.uk
There are lots of great reasons for choosing one of the top 200 universities in the world. We’ve highlighted just a few of them…
• We reach out to wide sections of the community through workshops for schools, access to student tutors and visits into the University from schools or individuals on weekly campus tours. • The University is estimated to contribute £600 million to the local economy annually • Two thirds of our students stay within a 50 mile radius of Reading upon graduation
• We are investing £250 million in our main campus over the next 10 years • Our historic merger with Henley Management College has created one of the largest full-service Business Schools in Europe • We have won the Queen’s Anniversary Prize for Higher Education three times; in 1998 for the Globe Theatre Project, 2006 for Meteorology & 2009 for Archaeology
A global university on your doorstep
www.reading.ac.uk
There are lots of great reasons for choosing one of the top 200 universities in the world. We’ve highlighted just a few of them…
R:UK
talking heads
Jon HallettManaging director, Jon Hallett Ltd
i am in a very competitive business and, if anything, the focus on rentals has strengthened over the last two years. We have seen a cut back at the high end of the market but there is still business being done. Reading is still very much open for business. There are a lot of big key players in Reading, a lot of global industries, and a lot of people want to live in Reading.
i am confident in the town’s ability to succeed as we move away from the recession. key will be interest rates. They have been low, which has made things easier. We are busy. i have been doing lettings now in Reading for 20 years and we are always busy. The demographics might change but it is always busy. Rents have come down but we have not got a situation where there is no market.
We have seen this as a massive opportunity to grow our brand and our place. We are one of 25 companies doing what we do in our town, so that goes to show you what the demand must be like in Reading. We are very much open for business and dialogue.
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All change Much has been made of Reading’s impressive performance during the recession. And there are many voices predicting it is well positioned to move away from the downturn. Alex Aspinall spoke to a series of people doing business in the town, to assess the opinions of those on the front line
JonatHan ReadDirector of sales and marketing, Penta Hotels
We have a significant expansion plan for england over the next two years. But we chose Reading because when the development was going through, Reading was probably one of the strongest towns, if you can call it a town. For the hotel business, it should be classed as a city, in terms of room rates and the volume of business, compared to anywhere in the south east except for london and heathrow. it made sense to put the flagship in Reading. We also owned the property already. at the time it was the right thing to do.
We don’t have a comparative year-on-year to show but we are reaching budgets this year. We are very excited about growth too. The business is strong and it is increasing.
Fifty percent of our trade comes from the business market, so there is definitely reason for optimism in Reading for the coming year. We also built conference rooms in the hotel, so that attracts business users too. it helps generate revenue. The right kinds of companies are in Reading to attract these people. The technology companies are the biggest sector here, and there are other companies wanting to come to Reading because it is a technology centre. all we are really missing is a convention centre to do the larger scale stuff.
“I am confident in the town’s ability to succeed as we move away from the recession”
“Other companies want to come to Reading because it is a technology
centre”
Top: Jon Hallett of lettings agency, Jon Hallett Ltd. Below: Jonathan Read of international hospitality group, Penta Hotels.
The magazine that tells you about Reading
Much has been made of Reading’s impressive performance during the recession. And there are many voices predicting it is well positioned to move away from the downturn. Alex Aspinall spoke to a series of people doing business in the town, to assess the opinions of those on the front line
37HamisH macdonaldRelationship director for Thames Valley, Santander
it is fair to say that Reading has suffered to an extent in the recession, by various job losses, through business closures and rationalisation. however, the impact has been less than other similar towns in the south, with Reading showing resilience in the tough times and local companies taking dramatic action quickly to deal with the changing business environment.
Reading remains a prosperous area, with good transport links, quality workforce and a high quality professional community being key attractions. The business focus is very much on the service sector and there are still companies looking to locate in the area, with others coming to Reading for the high quality support services available. There are also many quality premises available in and around the town and there are some signs of letting activity, which indicates an upturn is in sight.
While the level of corporate transactions seen by the professionals in the town has been well below what the business community would like to see, there is a view that the coming months will show a more positive trend. Reading has survived the recent troubles well and is in a good position to capitalise when the upturn takes hold over the next 12-18 months.
andy simpsonHead of region Thames Valley, Barclays Corporate
Reading is both significant and important as far as Barclays is concerned. We continue to see it as an area of growth, which is a legacy of the innovation and regeneration of the area. We will continue to invest in Reading, and we can point to examples for that: we have opened a flagship retail outlet in Broad street, which we see as a national blueprint for a 21st century banking environment.
Reading is an emerging business hub for the region. We see it as being well positioned to be ahead of any recovery, hence we are investing in new premises. We have also invested in people and we are continuing to grow our team. These things should be seen as a demonstration of our confidence in Reading.
The regeneration of the station is very important. as we seek to truly make Reading a regional hub, the infrastructure, and investment in it, is very important. i want to be able to say that the town has the services and expertise required to help the future of the area, and that we have no need to go elsewhere. This is really key: large corporates do believe that Reading is a thriving regional hub.
“The focus is on the service sector, with companies looking to locate
in the area”
“We’ll continue to invest in Reading ...
it’s an emerging business hub for
the region”
Top: Hamish MacDonald of global banking group, Santander. Below: Andy Simpson of Barclays Corporate.
R:UK
relocation
38
On the radar A decade of investment has seen Reading reap the rewards of its revival, catapulting it into a league of its own. Michelle Guy discovers how the town keeps continued success firmly in its sights
The magazine that tells you about Reading
39
continued overleaf »
R:UK
relocation
40
As the UK tries to creep out of recession, towns and cities across the country are working hard to provide jobs, growth and stability for their communities and businesses – and Reading is leading the way. The town’s efforts to grow and
develop are attracting attention, with a coveted place on the list of areas to watch in 2010. According to the Centre for Cities report, Cities Outlook 2010, released early this year, Reading is one of five locations to watch, based on its levels of entrepreneurship, strong private sector, well educated workforces and large portion of knowledge-intensive jobs.
And, it doesn’t stop there. Reading has just claimed the accolade of Best Micro City for Infrastructure in fDi Magazine’s Cities and Regions of the Future 2010/11 rankings. In a 2009 Centre for Cities report, the town ranked fifth on the recession-proof list – welcome news for businesses and the local community alike. As the UK’s fastest growing regional centre, Reading has a predicted growth rate of 3.5% per annum over the course of the next 10 years.
Employers benefit from a good skills pool, the University of Reading – ranked in the top 10 in the UK and in the top 200 universities in the world – prides itself on producing high calibre graduates. The university has invested time and money over the years to develop strong links with the business community and its investment continues with a new enterprise centre specifically linking technology and innovative businesses.
The town’s dramatic growth in the field of infrastructure and commerce has bred confidence and last year, Business Link alone helped more than 500 start-ups in their first year of trading. Although known for its large cluster of IT firms – three times the national average are based in Reading – the area is also seeing an increase in other sectors starting up or settling in the area. Last year, start-ups in retail and business consultancy accounted for 34% of the sector.
Reading’s commitment to growth isn’t a new thing. It began in the late 1990s and the first phase of regeneration saw the development of the 72-hectare business park. “Green Park changed the profile of business parks,” explains Richard Byard, economic development manager at Reading UK CIC. “It has sustainability credentials and sits in a prime location offering leisure facilities – such as a restaurant and child care nursery – that are accessible. It’s a community in its own right.” As a result, it’s home to big names such as Cisco, Symantec and HSBC.
Green Park set the benchmark and phase two of the urban regeneration programme is now in full swing. New builds and high-tech office blocks are continuing to transform the economic growth of the area, as well as the skyline, perfectly illustrating the town’s investment in people and place.
Stunning architecture, including The Blade and the
spectacular state-of-the-art One Reading Central, are attracting an influx of companies to the area. It also helps in retaining faithful residents, such as Yell who have been in Reading for years. Its commitment to the town will be cemented by its move into new headquarters in One Reading Central later this year. An established business community that’s continuing to grow is a big pull for those thinking of relocating – as is location.
“I knew Reading was where I should be positioned.
Green Park has excellent credentials for sustainability and its prime location is supplemented by leisure facilities, such as a restaurant. It also has a nursery, solving the childcare dilemma for the employees who work at the business park.
reading informationIf you want to know more about investing, living or playing in Reading visit: www.livingreading.co.uk
Green Park: www.greenpark.co.ukThe Blade: www.thebladereading.comOne Reading Central: www.onereadingcentral.comThe Oracle: www.theoracle.comReading Festival:www.readingfestival.comMuseum of Reading: www.readingmuseum.org.ukSchools: www.direct.gov.ukUniversity of Reading: www.reading.ac.uk
“Green Park has changed the profile of business parks”
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SOCINVEST11
SOCINVEST 11SOC
INVEST
SOCINVEST
SOCINVEST
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of delegates at SocInvest 2010 said the event met their
objectives “extremely well” or “well”.
75%said the coverage of
regeneration issues was “extremely good”
or “good”.
76%said they took away
ideas and information that would help
them with funding initiatives.
69%The premier regeneration finance and funding event took place in London on June 16, 2010, attended by 160 senior regeneration executives from the public and private sectors across the UK.
Comments included:● “Good selection of
speakers and issues covered”
● “Flowed well and kept interest going all day”
● “Excellent day - great mix of subjects and speakers”
SocInvest returns in 2011 for the fourth year running. Can you afford to miss out?
Keep track of the developing programme at www.SocInvest.co.uk and subscribe there to the monthly newsletter and research projects.
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The magazine that tells you about Reading
I wanted to be where the action is,” says Mark Minns, who set up his employment law firm, mpm legal LLP, in the summer of 2008. Having worked in Reading many years before, he knew it as the commercial centre of the Thames Valley. Returning years later, Mark was struck again by its buzzing business culture and fantastic location. “To grow, you have to go where the business clients are and be in a place that’s easy to get to for your clients. Reading provides both. There are big, credible businesses in the area offering the opportunities for me to build my own business and supply them with the employment law services I provide. I’m based in the centre of town and it’s very easy to get here by train and car.”
For businesses dealing with clients on a local as well as global scale, Reading’s comprehensive rail, road and air links serve commuters and visitors alike. An £880 million expansion plan to improve the town’s railway station is under way. Adjacent to this project, the £450 million Station Hill development brings investment in the station and surrounding area to around £1.3 billion. Fast trains can whisk you into London in under 30 minutes, with trains to Paddington every ten minutes during peak periods. Heathrow is 30 minutes by road and Reading is served by three junctions of the M4, bringing the M25, M3 and M40 within easy reach.
Taking advantage of the great transport links has many benefits. Moving just 40 minutes outside of London can save companies up to 56% in costs. Paul Naybour, business development director
for Parallel Project Training, a training provider offering Association for Project Management (APM) training, started his company in autumn 2009 and looked at several locations. But Reading scored top marks on cost: “Cost control is really important when you’re a new business wanting to grow,” he says. “The facilities in our building are first class and provide good value for money. Plus the cost of hotels and restaurants is not as expensive as London – prices appeal to the pocket. We can get all the services we want in a cost effective way.”
Investment in the town’s cultural offer has done much to reignite Reading, injecting vibrancy and life into the area – providing the perfect setting for after-work play and relaxation. With a Michelin starred restaurant, museums, two shopping centres, boutique hotels, acres of parkland and seven miles of river bank, Reading satisfies diverse tastes and moods.
“I knew Reading was where I should be positioned. I wanted to be where the action is”
education31 state primary schools7 state secondary schools3 special schools54.2% of pupils achieved 5 or more GCSEs at grade A*-C, including Maths and English in 2009 (7% above national average)99.1% pass rate for A’Levels in 2009, beating the national average of 97.5%. 52.3% achieved grade A, nearly double the national average of 26.7%(Results from www.getreading.co.uk)
HousingDecember 2009 detached £356,844 semi-detached £200,552 terraced £162,504 flat/maisonette £147,542(from Land Registry, latest figures)
train times from reading toOxford 23 minsLondon Paddington 26 minsBristol 1 h 11 minsBirmingham New Street 1 h 37 minsManchester Piccadilly 3 h 28 minsCardiff 1 h 35 minsSouthampton 57 mins
air and roadHeathrow 28 miles awayM4 3 junctions
leisuren Visit Caversham Court gardens on the River
Thames, recently restored to its former Jacobean splendour.
n See the animals at the 350-acre Beale Park.
n Watch football and rugby at the Madejski stadium, home to Reading FC and the London Irish.
n Enjoy unravelling a mystery at the Festival of Crime Writing held over four criminally good days in September.
n Feel the vibe at Reading Festival every August.
n Get some culture at The Hexagon or Concert Hall or catch some comedy at South Street.
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The waterways and Berkshire countryside offer excellent outdoor leisure opportunities. Reading is also a popular choice for students.
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Manches LLP law firm was founded in London in 1936 by Sidney Manches and his wife Judith. More than 70 years on, it now occupies three locations: London, Oxford and since May 2008, Reading. The firm has more than 170 lawyers specialising in corporate finance, commercial, intellectual property, projects, employment, dispute resolution, IT, private client work for mature and high-growth companies and high net worth individuals. We asked Justin Starling, partner and head of the Reading office, what made Manches decide to locate their third office in Reading ...
Q. Why Reading? A. With offices in both london and oxford, opening an office in reading seemed the natural progression. our presence in these locations gives our clients and potential clients accessibility, choice and strength from the number and quality of lawyers at their disposal in the Thames Valley.
Q. What influenced your decision?A. reading is a major hub for business activity in the Thames Valley. its economy is growing and its position on the M4 corridor gives us access to the UK’s Silicon Valley. reading’s position as a technology, life sciences and corporate finance
hub, combined with our market-leading practice areas, form a winning combination.
Q. Did staff relocate and if so how easy was it to persuade them? A. For some of our lawyers it wasn’t difficult as they lived locally. For others, it was actually easier for them getting into reading than oxford. Some of the partners, particularly in corporate, real estate and technology were very keen to make the move because of market opportunities. reading also offers a thriving social scene.
Q. What was the deciding factor? A. in the corporate finance world, the banks and accountants had moved their key personnel to reading – the commercial centre of the Thames Valley – so it made sense to reside with them. reading has big plans in terms of the injection of millions of pounds towards development of the town centre, motorway links, planned office developments and its bid to get city status are all appealing factors for a company like Manches. We already had a lot of clients in the area so we felt very strongly that moving here was a natural progression for us.
“Reading’s not just about what the business parks offer, it’s also about what surrounds it,” says Byard. “The town centre is key and The Oracle shopping complex complements what Green Park has to offer. It attracts quality retailers, such as House of Fraser, which in turn attract quality businesses.” The Oracle, the town centre’s main shopping centre and home to 118 stores, celebrated its tenth birthday in 2009. Its arrival was another catalyst that helped set the urban renaissance ball rolling. The town shot up the retail ranking from around 50th place to a spot in the top ten, thanks to its mix of boutique shops, department stores, eateries, alfresco dining and cinema. The Oracle is still getting recognition years later, winning awards from Best Established Centre gold award by the British Council of Shopping Centres 2007, to Loo of the Year 2008!
If you love good food, Reading has plenty to offer. Fine dining and entertaining eateries are springing up all over the area. Foodies enjoy exceptional Michelin starred food at L’ortolan in Shinfield. For Michelin three-star dining, Heston Blumenthal’s Fat Duck and the Roux brothers’ Waterside Inn are nearby; Le Manoir Aux Quat’Saisons has two Michelin stars. For a more affordable choice, you can relax and taste tapas in the stylish interior of the town’s Ivory Lounge.
Thanks to the Reading Festival – staged annually since it began as a jazz and blues event back in 1971, the town is a favourite with music lovers from all over the world who enjoy the unique festival atmosphere.
But if you crave peace and quiet in the great outdoors – there are conservation areas, two local nature reserves, wildlife heritage sites, two rivers (the Thames and the Kennet) and acres of parkland to while away the hours.
Richard Byard sums up Reading’s appeal: “People often ask us what Reading’s USP is. We don’t have one – we have a combination of things: quality of life, quality business facilities, quality retail and location. Our business offer goes hand-in-hand with our cultural offer.”
And, with a big and bold investment programme under way despite the recession, Reading’s future – both for commerce and community – is looking bright. •
“It attracts quality retailers, such as House of Fraser, which in turn attract quality businesses”
CASE STUDY
McKay Securities PLC is a Reading-based commercial property investment
company with Real Estate Investment Trust (REIT) status.
Since flotation in 1959, McKay has established a long track record of developing
and refurbishing high quality, contemporary and innovative industrial and office
properties in the South East of England. Completed schemes are retained and
managed for long term growth within the Company’s portfolio.
75% of the portfolio has either been developed or refurbished by McKay using
some of the best-known architects of their time to create properties attractive
to occupiers. The company’s Reading portfolio includes local landmarks
Great Brighams Mead by Broadway Malyan and 20 Greyfriars Road by Terry Farrell.
McKay is keen to increase the size of its portfolio in and around Reading and has
funds available to work with tenants and occupiers to deliver occupational solutions.
www.mckaysecurities.plc.uk
For further details please contact:
Simon Perkins MRICS
Managing Director
T 0118 950 2333
Mckay ad V3.qxp 19/9/08 10:42 Page 1
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did youknow?
Reading has over 400 acres of parkland, riverside meadows and play areas
in over 100 locations
Reading’s ameRican sisteR city is Reading
in BeRks county, Pennsylvania
Reading Football
Club was founded in 1871, known as The Biscuitmen due to the links
with Huntley and Palmers
★
L’ortolan is Reading’s Michelin-starred restaurant
The University of Reading is one of the UK’s 10 most research intensive universities
Architect Sir John Soane RA was schooled in reading
Marianne Faithfull was a pupil of St Joseph’s Convent in Reading
Victorian reading was built on three bs:
beer, biscuits and bulbs
but it’s famous for bricks and bacon too
Birthplace ofTubular Bells composer Mike Oldfield Actor Patrick MalahideMillionaire-maker Chris Tarrant
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Reading Festival began in 1971 and attracts 80,000 fans every year
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