Work on two major Berkshire schemes to start this year

Work on two major regeneration schemes in Bracknell, Berkshire, backed by Legal & General (L&G), will start on site this year.

The investor said its joint venture with Schroders, the Bracknell Regeneration Partnership, has gone unconditional on the £200m Northern Retail Quarter scheme (pictured) in the Berkshire town. Work will start on site this spring and complete by Spring 2017.

Additionally, L&G has received planning approval from Bracknell Forest Council for a 1,000-home mixed-use development in Crowthorne.

Construction work on the first phase will begin this year and will include around 200 houses, a primary school, over 40 hectares of public open space, plus improvements to roads and public transport.

The 100-hectare site was previously used by automotive research company TRL, and includes an old vehicle testing track and empty 1960s buildings.

The Northern Retail Quarter will provide new retail, leisure and residential developments, plus landscaped public spaces. It will include a Marks & Spencer, Primark and a 12-screen Cineworld multiplex.

The new development in the north of Bracknell Town Centre will comprise 580,000 sq ft of new retail and leisure space, plus 1,300 space multi-storey car park and landscaped public spaces.

Eagle House, a vacant eight-storey office block, will be converted into a 92-home residential scheme.

Laura Mason, director of direct investments at Legal & General Capital, said: “Pension and sovereign wealth funds want to invest in the UK and help regenerate our towns and cities. Today we have announced our intention to build 1,000 new homes and regenerate Bracknell’s town centre. This shows what can be done in partnership with a forward looking council, and we see no reason why what we’re doing here in Bracknell cannot be repeated across many more towns and cities in the UK.”

Councillor Paul Bettison, leader of the council, said: “The council welcomes this major investment into much needed housing and infrastructure in the wider Bracknell area – delivering 1,000 homes, a primary school, community facilities and improvements to roads and public transport, among other benefits.”