US multi-family developer Lincoln Property Company is in advanced negotiations to buy the Station Hill development site in Reading from Benson Elliot and Stanhope for £70m.
The £500m mixed-use development opposite Reading Station has planning approval for 930,000 sq ft of offices, 150,000 sq ft of retail and 300 homes.
The site incorporates the area outside Reading Station, Garrard Street car park and the site of the old Friars Walk shopping centre.
The plans, submitted in 2013, include a complete remodelling and refurbishment of the existing NCP car park, the demolishing of Friars Walk and the Western Tower and its connected buildings.
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