In 1997, the property developer Hammerson acquired a 22-acre site of largely derelict and undeveloped land immediately to the south of the town centre. Most of this site was previously occupied by Simond's Brewery (latterly owned by the Courage brewing company) and by the Reading Buses depot (formerly the Reading Corporation tram depot). The brewery had earlier relocated to a new site adjoining the M4 motorway, whilst the bus depot was relocated to a location just west of the town centre as one of the first phases of the redevelopment.