Bracknell Forest Council and Bracknell Regeneration Partnership have agreed to invest £30m in the next phase of the Berkshire town’s redevelopment, including new retail units.
The area around the former Bentalls department store building will be turned into a covered public space to be called The Deck. It will create space for new retail, food, drink and leisure facilities.
The Deck will connect to the Princess Square Shopping Centre, which will also be remodelled to create a brighter and more modern environment.
This will be the third phase in the town’s regeneration and work is due to begin later this year.
Previous development has included the September 2017 opening of the Lexicon shopping centre, which is exceeding footfall predictions.
The improvements have led Bracknell to rise to number 29 in the Trevor Woods Associates rankings for best shopping destination in the UK – up from 255 in 2017.
Bracknell Regeneration Partnership is a joint venture between Schroders UK Real Estate Fund and Legal & General Capital.
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.”
Councillor Marc Brunel-Walker, executive member for economic development and regeneration, added, “The signing of the development agreement between the council and Bracknell Regeneration Partnership 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.”