Joint venture developers Stanhope and private equity company Benson Elliot plan a mix of offices, 300 apartments, shops, restaurants and the complete remodelling and refurbishment of the existing NCP car park.

The 900.000 sq ft regeneration project is the biggest of several planned building schemes, spurred by the £800m redevelopment of Reading station.

On a neighbouring site LaSalle Investments is currently working up new proposals for the demolition and replacement of Thames Tower with a major high-rise office building.

While earlier this month property investor Prupim gained planning for two new office headquarters buildings, totalling 400,000 sq ft on a site also near the station.

The latest plan from Stanhope will see the disused Friars Walk shopping centre completely demolished, as will the unsightly Western Tower and its connected buildings.

Reading Borough Council will make its decision later in the year after working with the developers for many months on its detail.

If approved, work will look to start in early 2014.

While construction is underway, the developers plan to create a temporary event space outside of Reading Station to be used for a variety of cultural and entertainment events.

Jason Margrave, development director of Stanhope, said: “This application is the culmination of a considerable amount of consultation with Reading Borough Council as well as the promoters of the neighbouring Thames Tower.

“The designs we have submitted have been widely supported by the public and we believe they will considerably transform this part of the town, building on the significant investment currently taking place at the station.

“Following consultation, we have included an enlarged public open space in the heart of the scheme, improved the retail offer and incorporated more public art.”

LaSalle Investments’ Thames Tower scheme

Property investor Prupim has gained planning for two new office headquarters buildings