Schroders UK Real Estate Fund and Legal & General Capital, the 50/50 joint venture on the Bracknell town centre’s regeneration, have signed a legal agreement with Bracknell Forest Council which will trigger the next phase of the development.
Bracknell Regeneration Partnership (BRP), Schroders and L&G’s JV, will sanction work on additional food, drink, retail and leisure facilities, following the legal agreement. The investment by BRP and the council will see the old Bentalls unit redeveloped as a covered public space with food and retail units linking into Princess Square – to be known as The Deck.
It will also enable the 1980s shopping centre, Princess Square, to be remodelled for retail. The scheme follows the first two Bracknell regeneration phases, which first saw a Waitrose store built and opened in 2011, followed by the launch of The Lexicon in September 2017.
Jessica Berney, fund manager at Schroder UK Real Estate Fund, said: “The Lexicon continues to be a catalyst for regeneration in the town and wider borough. This further investment builds upon our initial success as we continue to invest in winning towns and cities that deliver consistent returns in line with our fund strategy.”
Rachel Dickie, director of regeneration at Legal & General Capital, said: “Creating a cohesive, future looking retail and leisure environment at the heart of the town and thousands of jobs, the transformation of Bracknell is one of the most significant town centre regeneration projects to be delivered in the last 25 years. This latest investment is testament to the success of the town and another example of the Lexicon driving further growth and investment into the town centre.”
Cllr Marc Brunel-Walker, executive member for Economic Development and Regeneration, said: “The signing of the development agreement between the council and BRP is an important step in enabling the next exciting phase of Bracknell town centre’s regeneration. Currently, the retail market is tough and while The Lexicon is bucking the national trend with strong footfall and sales figures, the council was keen to ensure that these two key redevelopment opportunities were not missed due to retail and finance pressures. By working with our development partners, we have secured that exciting next step.”
Work on Princess Square and The Deck is due to start later this year.