The project involves the demolition of the Revolucion de Cuba bar and a neighbouring shop which is currently occupied by the ‘Fone Store’ business.
Initially, the company National Pub Portfolio Ltd wanted to create a 163-room hotel that would have incorporated The Bugle pub.
But the project was revised this year, with the developer wanting to create 145 ‘co-living’ flats instead.
Major change for project to replace historic pub and bar in Reading town centre
Details of how these flats will be managed have been submitted by Verv Life, a specialist co-living management business that currently operates 2,500 units across the UK.
Places in the existing Verv Life portfolio include Clay Wembley, Goldwynn Key at Canary Wharf, and Paradise View in Birmingham.
The management plan prepared by Richard Leedham states: “VervLife will manage the accommodation with one simple objective – to provide exceptional service to the clients whose properties they manage, and to the residents who live in them.
“The site is ideally located to attract residents who work or are being educated locally or working within the Reading area, as well as the wider areas such as London, due to its convenient location close to the station.
“Co-living units will be available to private renters who meet our referencing criteria.”
The company pays the living wage, and also has a no printing and no single-use plastics policy.
Changes to plan to transform busy corner of the town centre approved
The document then gives insight into the type of people ‘co-living’ is meant for.
Mr Leedham states: “Reading has a diverse demographic profile that makes it an attractive location for co-living developments.
“The typical renters in a new co-living block are likely to be young professionals, freelancers, and students who are in the early to mid-stages of their careers.
“The age range for this group typically falls between 20 and 35 years, but also older, e.g. divorced, professionals etc., as this demographic is often seeking affordable, flexible living arrangements with a sense of community.
“Given the location and ability to provide easy transport links to central
London, many of these renters may see this as a more affordable option.”
However, co-living schemes are not currently designated as affordable housing in planning policy terms.
The developer has submitted an economic viability assessment instead, with an offer to fund affordable housing elsewhere in Reading.
The co-living management plan can be seen amongst the documents submitted with the application, which can be viewed by typing reference PL/26/1121 into Reading Borough Council’s planning portal.
In April last year, councillors approved a plan for 266 co-living flats that replace the probation office in Greyfriars Road.
In that case, the applicant, Elder Developments, agreed to pay approximately £3.5 million to the council in instalments to fund affordable housing elsewhere in the borough.