Councillors disappointed by decision to retain Thames Tower
Reading councillors say they are disappointed that plans to demolish Thames Tower and replace it with a 25-storey skyscraper have been scrapped. Instead, developers LaSalle intend to re-clad and refurbish the property after deciding that the project is “too risky” in the current economic climate.
Under the original proposals the 1974 building would have made way for a soaring tower which was billed as “an advert for Reading as a modern, vibrant commercial centre.” It was hoped the development would attract new types of tenants and create jobs in the Berkshire town.
LaSalle claimed that a public consultation revealed that there was “no affection” for the existing 11-storey Thames Tower and their proposals had “overwhelming” public support.
However, it was reported in May that LaSalle may have been getting “cold feet” after councillor Tony Page said he had “not seen hide nor hair of a planning application.” At the time LaSalle denied that they were having second thoughts and said they hoped to make a submission “within a couple of months.”
This never happened and now the developers have admitted that they have abandoned the plans, saying they lack confidence in their ability to fill the space at the rents that would be required to make the project viable.
Nevertheless LaSalle still believes that the site, opposite Reading railway station, is “one of the best office locations outside London.” Now they will strip the existing building and transform it into a modern office block, despite declaring at the outset that a modernisation programme had been considered but ruled out as “uneconomic.”
Councillor Page responded to the news by telling getreading that he is “deeply disappointed” by the decision not to proceed with the scheme. He added that the council will continue to work with the owners to produce a development “worthy of this town centre gateway.”
Previous Post
Tesco Raises Prices as Soft Drink Sales Soar
