Warner Cinemas has agreed terms with developer Hammerson to operate a 10-screen multiplex at the £215m Oracle shopping centre in Reading.
Hammerson has also agreed terms with Hennes, HMV and Dillons for retail outlets in the 65,000 sq m (700,000 sq ft) shopping and leisure scheme.
The three retailers will occupy units of 1,765 sq m (19,000 sq ft), 1,811 sq m (19,500 sq ft) and 1,254 sq m (13,500 sq ft), respectively. They will join anchor tenants Debenhams and House of Fraser, and Boots which have already committed to shops in Oracle.
Rents achieved on the retail units are believed to be in the region of £2,152 per sq m (£200 per sq ft) Zone A which is on a par with prime pitch in the town centre.
John Richards, managing director of Hammerson UK Properties, said: “Reading is poised to become one of the UK’s top ten shopping destinations. Through the development of The Oracle, Reading’s total retail offer will be increased by one third.”
Lunson Mitchenall, Hartnell Taylor Cook and Hillier Parker are joint letting agents on Oracle.
EGi News 30/10/97
