The demolition of the town centre’s ‘eyesore’ car park has begun as the long-awaited and huge £750 million Station Hill development takes a major step forward.

The Garrard Street Car Park will be replaced by an 18-storey 275,000sq ft office block called One Station Hill in phase two of the major development.

Works for phase one of the project, which includes hundreds of build-to-rent flats, as well as offices, shops, and public open space, are already underway.

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Outline plans for phase three have been approved, which could include around 750 homes, offices, shops, restaurants, with a large piazza in the middle and a hotel.

More detailed plans for phase three, the final phase of the development, are set to be submitted to the council next year.

Station Hill is being developed by American company Lincoln Property, which acquired the site in 2018, alongside MGT Investment Management.

Alex Aitchson, Lincoln Property’s director of development, said the scheme is attracting interest from large corporate companies because of the planned large public spaces, comparing it to Pancras Square in Kings Cross.

He said: “It’s hugely exciting. After 20 years of previous owners and the site being promised to come forward, we are truly delivering this scheme.

“On the back of the first 600-unit residential scheme of private and affordable units that are already coming forward, we are now demolishing the Garrard Street Car Park, which has been an eyesore to Reading and an area that has been promised regeneration for so many years.

“This is coming down, truly marking a great moment for Station Hill that us, stakeholders and local residents can all get involved in and know this is truly happening.”

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Once all three phases are complete there will be up to 600,000sq ft of offices, up to 1,200 residential homes, and 100,000sq ft of public space, including a central piazza and leisure space – “linking Reading Station to the town centre and beyond”.

This is Lincoln’s first venture into the UK market, while four previous major plans from other developers for the Station Hill site have fallen through.