Bracknell town centre is set to benefit from a further £30 million of regeneration work as Princess Square is set to be refurbished and The Deck is developed.

The Bracknell Regeneration Partnership (BRP), which owns the land at Princess Square and The Deck, is moving forward with the plans after promising £30 million of investment in to the area.

Last month The News reported Bracknell Forest Council (BFC) approved £4.5 million of funding from its own budget to develop The Deck, a move which was made in order to persuade BRP to invest in a “major refurbishment” of the land at Princess Square and take forward work at The Deck.

A council report initially outlined the Partnership’s “reluctance to commit significant funds necessary to commence the development."

The regeneration will see The Deck become a ‘covered public space’ which will be filled with new food and retail units, having been converted from the former Bentalls store.

A new look Princess Square will link to The Deck, and it is planned that the area will be remodelled into a ‘modern, light, bright and airy centre’.

Councillor 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.”

The council’s £4.5 million investment means the council will see a share of future rental uplifts from Princess Square come its way.

As part of the agreement, the deal saw the council purchase land either side of the Southern Gateway site, which according to a report produced for BFC, is an area which has “significant regeneration potential”.

Work on the sites is expected to start soon, with the development of The Deck expected to be completed by 2022.

Rob Morris, general manager at The Lexicon, added: “The redevelopment of this part of town will further the diversity of shops and leisure facilities in The Lexicon attracting even more visitors. We are delighted that with the development agreement in place, work on Princess Square and The Deck will commence later this year.”

Plans for the continued regeneration of Bracknell town centre have been discussed at the council’s Bracknell Town Centre Regeneration Committee, in meetings which are partly closed off to the press and the public.

Councillors heard an update on the signing of the agreement to invest £30 million into the town centre at the latest meeting of the committee on Monday, March 11, which was also closed to the press and the public.