Plans to demolish the 1970s Thames Tower next to Reading Station have now been replaced with proposals to refurbish the building.

Andrew Bull, European director of Thames Tower’s owner LaSalle told the Reading Post: “I have never changed my view that this site, opposite the new station and alongside Reading’s new business district is one off the best office locations outside London.”Reading’s economy remains buoyant but the problems in the European and UK economies are continuing for longer than anyone had expected.

“We do not have confidence that we can fill so much space at the rents required by such a costly building.

“The risks are simply too high.”

LaSalle now plans to strip the existing building back to its structure and reshape and re-clad it to create a modern office block.

Councillor Tony Page, deputy leader of Reading Borough Council, said: “I am deeply disappointed that LaSalle have decided not to proceed with what promised to be a landmark building on the site of the present Thames Tower.

“The council will continue to work pro-actively with the owners of Thames Tower to bring about a scheme worthy of this town centre gateway.”

LaSalle said it will now work up plans to refurbish Thames Tower and expects to work with the owners of the neighbouring Station Hill site to help progress their planning application.

New tower plans have now been scrapped