Inception (Reading) SARL Ltd, asset managed by Moorgarth Group, has been granted detailed planning consent for a 101-bedroom Premier Inn hotel and ground floor Bar+Block 150-cover restaurant, at Broad Street Mall in Reading.
Moorgarth Group’s managing director Gary Lewis commented: “This is an exciting step forward in the rejuvenation of Broad Street Mall and the first phase of the regeneration of Hosier Street. Recently a number of key retailers have committed to the centre and plans are underway to broaden the leisure offer.
“The progress made is testament to the appeal of Broad Street Mall and demonstrates that our strategy of modernisation is attracting considerable attention. Premier Inn and Bar+Block are two great additions to the centre’s line up and go some way to kick-starting our and the Council’s aspirations for the regeneration of this part of the town centre.”
Inception acquired the shopping centre and adjoining office building Fountain House in 2015 and commenced a full refurbishment in 2016, with a view to broadening the retail and leisure offer so creating a vibrant, attractive mixed-use environment.
Iceland committed to relocating from Weldale Street in the town centre last year and signed a 10 year lease on a new 9,000 sq ft store. Part of the former Argos store, the space has been reconfigured and will also incorporate a new boutique cinema and additional retailers. New Look and Poundland have also just committed to their long-term future at the centre by signing new 10 year leases.
Moorgarth also recently gained permission from the planners a new food hall concept at the southern side of the Centre.