Development agreement secures £30m regeneration of Princess Square and creation of The Deck in Bracknell
The next major milestone in Bracknell town centre’s regeneration has been secured with the signing of a legal agreement between Bracknell Forest Council and its development partner, Bracknell Regeneration Partnership (BRP) – a 50/50 joint venture between Schroders UK Real Estate Fund and Legal & General Capital.
The £30m investment by BRP and the council will see the old Bentalls unit completely transformed into a covered public space with new food and retail units linking into Princess Square – to be known as The Deck.
Jessica Berney, fund manager at Schroder UK Real Estate Fund, commented: “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.”
Cllr Marc Brunel-Walker, executive member for economic development and regeneration, commented: “The redevelopment of this part of town will benefit the borough’s residents, visitors, and businesses – encouraging additional economic prosperity for Bracknell Forest and further the diversity of shops and leisure facilities in the town centre.”
Work on Princess Square and The Deck is due to start later this year.