Reading’s future potential, challenges and changes’

Cllr Tony Page Deputy Leader, Reading Borough Council

and

Nigel Horton-BakerExecutive Director, Reading UK CIC

• Economic Development company for Reading• Formerly the Town Centre management company• Economic Development Service outsourced by RBC in 2007

• Now a not for profit company limited by guarantee registered as a CIC• Turnover currently in excess of £1m per annum over last 2 years with 8 staff

Responsible for• Leadership - business voice on issues affecting the economy • Coordination – private sector and pubic sector working• Delivery - direct services for business and the local authority • Intelligence Gathering - economic trends and stats to underpin our work

and progress

Led by a private sector Board, Chair from Oracle Centre, including: Reading University, M+G, Muse, Peter Brett, Oracle Corp, John Lewis, BS Mall, Hammerson, Trinity Mirror, Global Radio, GWR, Oxford Properties, Jacobs, Barton Willmore, RBC

Reading UK CIC

Direct Delivery•Business Improvement District 2007-2019 - third term - Xmas lights and events, extra policing , security on night time, street cleaning, communication between businesses in BID, theatre, Eat Reading Live, Arts weekend, Heritage Open Days, •City Deal – for young people supporting 1000, 16-25’s in to work setting up the Elevate Me web site and Elevate Hub at the library•Place marketing for investment and business relocations – RUK Magazine, Inward investment web site, RDG campaign, RDIR and now online Property •Manage Employment Skills Plans (27 in pipeline)•Management of events on Broad Street, Market Place and Town Hall Square•CHOW, commercial hires, increasing number of events•Accountable body for 2016 Year of Culture•Reading UK 2050 Vision for the town. A city of rivers, a city of festivals and a thriving business community underpinned by green technology and smart working environments• Awards: FT FDI top small town of the future 12/13 and top 10 European city of the future 14/15 and TVPF Town of the Year 2015

What we do

Property Markets – current trends

Residential: One of the best performing property markets outsideLondon (CrossRail has exacerbated this)Average rental increase in Reading is 3.9% (1.2% inSouth East) Average price of properties sold in Reading, May 15was £239,099 (Source: Land Registry)

Permitted development will bring 800+ new apartments in the centre – and approx 800 new student spaces

Office: • Grade A town centre office space now achieving

£34 per sq ft (Green Park £30+ per sq ft, IQ Winnersh £25+)

• 1.1 million sq ft Grade A under construction – within 500m of the Station

• 2.5m across Reading• 100 lease deals om properties in Reading in 12m• 800,000sqft - PepsiCo, Rio Tinto, Maybe, Bullitt,

SSE

Retail Town Centre

•Lower than average vacancy rates 7.6%

•Top 20 by turnover in UK many high street names

•Successful BID

•Success due to mix of uses

Property Markets – Changes

Town Centres – impact of technology – survival of the independents - competition from new developments in Bracknell and Oxford - more people living in the town centre - demand for more than just shops, leisure, culture, night life

- Success due to the mix of usesBusiness Relocation

- Global commercial footprints from overseas a thing of the past - Foreign direct investment by small teams

- business relocation with in 60 miles overseas companies - companies consolidating and growing in Reading Changing workplaces - 24 /7 operations, flexible workforces, more staff off the payrollCommercial Property Investment - location location location –Station Hill, Forbury 1.2.3, R+, The future 2050 – Town of Rivers, Parks, Festivals and Green Technology

Strong and fair economy – new economic strategy being prepared•Top city region voted by most economic commentators •High levels of investment in infrastructure and real estate (2.5m sqft)•Rising number of in-commuters and visitors (20m per annum – 40m by 2030)•Demand by relocating business – Local as well as global (10,000jobs projected)

Problems of success•Poverty , homelessness, High national figures of young people NEET•Demand for land and property exceeds supply - new trends in land use•Congestion on the roads, sufficient public/ alternative transport•Skill and labour shortages made worse by lack of affordable housing and community facilities especially schools•Competition and punching above our weight gets harder, cultural heritage deficit, Needs of business visitor and pressures on retail town centre

External drivers•Decisions on Heathrow, WRATH, Cross Rail, Electrification, Green Park Station, Reading Gaol, European Union (City of London)

Challenges

RUK CIC Priorities – call to actionInfrastructure Priority Outcome Infrastructure Priority Project

Improve the public realm, signage and events 

Town Centre public realm improvements

Broad Street, Riverside and all around the Broad Street Mall.

The Station forecourt, Station Hill and Thames Tower area

Business visitor economy, the arts and leisure 

A regional convention , exhibition, performance venue

Leisure and Arts offer and opportunities for partnership working, including Reading Gaol and Reading 2016 

Infrastructure to support the workforce of Reading

Affordable housing to meet employers workforce needs today

School buildings to meet employers workforce needs of tomorrow

Relieve pressure on the road network in Reading

Third River Thames CrossingMass Rapid Transit System from south of M4 to the Town Centre

Lobby Government and TVB LEP where appropriate , Reading Gaol, Heathrow, Green Park Station, devolved funding

RUK CIC Priorities – the future and getting involved

Reading UK 2050 - towards a visionGet in touch if you have idea about what you think Reading should look like in the future in terms of its built environment being more smart and sustainableReadings Economic Forum 5th November 5pm Town Hall, PWC Good Growth Report 2015 launched, business and real estate investment success, infrastructure for economic success discussion

Reading Gaol petition to Minister for Justice

Green Park Station petition to Dept. of Transport

Thinks tank on innovative methods of funding affordable housing and schools

Contact RUK CIC

Nigel Horton-Baker, Executive Director Tel 07921493450Email: nigel@livingreading.co.uk

RUK CIC Web site www.livingreading.co.uk

Reading UK 2050 - http://www.bartonwillmore.co.uk/reading2050/