The Oracle centre has been the prime shopping, leisure and eating destination in the town since it opened 26 years ago in 1999.
But a project that would turn The Oracle into a place to live for the first time are set to be decided by Reading Borough Council tonight (Wednesday, December 3).
The project by mall owners Hammerson would see the Vue cinema building demolished and replaced with three towers, and the partial demolition of the former Debenhams building on the other side of the River Kennet to create two towers.
These towers will contain a total of 436 flats, with 218 flats being created on either side of the river.
A CGI of the 436 apartments that would transform The Oracle in Reading into a place to live for the first time. (Image: Hammerson)
Neighbours are divided about whether the project will be positive for the town, sharing their views on Facebook.
Joao Boonalho said: “This is excellent news, it will provide much-needed housing and extra footfall for the restaurants along the canal.”
On the other hand, John McCormack said: “It can’t be that much of a destination if they are pulling down the Vue along with the restaurants and they can’t fill or repurpose it into retail.”
A new cinema and restaurant will be provided as part of the project south of the river.
However, the demolition of the Vue building will still result in a net loss of four restaurant units.
Decision due on plan to add flats to The Oracle shopping centre for the first time
Residents have raised concerns about the loss of restaurants to make way for apartments.
Emma Flutterfly Walsh said: “I would have preferred new shops not flats. The Oracle isn’t even that great anymore.
“The rent will not be affordable as prime real estate on the site of a shopping mall in a town centre location.”
While The Oracle is currently 97 per cent occupied, the former Debenhams and Topman store and the top floor unit of the former House of Fraser are large units which are currently unoccupied.
Timothy Booth also raised concern about affordability, with all 436 apartments planned being for rent only.
He said: “I’m all for more housing, but you know these flats are going to be overpriced as all hell for their size just because they’re sat awkwardly on top of a formerly famous shopping mall.”
On affordability, 10 per cent of both parts of the site will be designated affordable, amounting to a total of 44 apartments at reduced rent levels.
That is below the council’s policy of 30 per cent of developments being designated affordable.
The development would inevitably require the closure of Vue, the Miller & Carter steakhouse and Cote Brasserie.
A staff member at Miller & Carter was aware of the project, but the restaurant has not been given timings on when the closure would need to take place.
The steakhouse brand opened its second location in Reading at the Caversham Rose in October 2022.
Cote Brasserie was called, but it only runs an automated answering system.
All of the works are subject to the project being approved by the council’s planning applications committee tonight (Wednesday, December 3).
