A decision is due on whether the car park at one of the biggest shopping centres in Reading will be sold off to its owner and developer.
A decision is looming on whether the car park at Reading's Broad Street Mall will be sold to its owner, AEW.
The shopping centre is set for a major redevelopment, adding 643 apartments and four new towers, which will mean partial demolition at the back of the mall.
This project will lead to the loss of eight retail units, including Sushimania and Bierhaus, and reduce car parking spaces from 745 to 426.
The car park is currently managed by Reading Borough Council under a lease that has been in place since 1974 and runs until 2097.
Councillors will decide whether to hand over the entire car park to AEW, partially surrender it for development, or maintain the status quo. The recommended option is a full surrender, allowing AEW to take over the lease.
This decision will be made during a council meeting on Wednesday, September 17, which will include a private session to discuss sensitive financial details.
The potential sale could allow AEW to set parking charges and retain the income generated from visitors. In the last financial year, the council reported £2 million in revenue from its car parks, with a significant profit margin.
James Aldridge, Local Democracy Reporter
