The Bracknell Regeneration Partnership, a 50:50 joint venture between Legal & General (L&G) and Schroders, has signed a new development agreement on its £200m development of the northern retail quarter in Bracknell town centre, starting on site this spring and completing by spring 2017.
L&G has also received full planning consent for a development of 1,000 new homes at Crowthorne, on the 250-acre site of the old Transport Research Laboratory. The first phase of 200 houses is currently expected to begin this year.
The Bracknell Regeneration Partnership plans to regenerate Bracknell town centre and provide new retail, leisure and residential developments. It will comprise a total of 580,000 sq ft of new retail and leisure space, supported by a 1,300 space multi-storey car park and landscaped public spaces. In addition, Eagle House, a vacant eight-storey office block, will be converted into a block of 92 flats.
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At Crowthorne, L&G is also providing funding for infrastructure, including a primary school, community centre, care home and more than 100 acres of public green open spaces.
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. 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.”
Legal & General Property will manage the development of the Crowthorne site on behalf of Legal & General Capital.
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