£30 million secured for next stage of Bracknell town centre regeneration

Bracknell town centre is set to benefit from a £30 million cash boost which will see a revamped shopping centre and new "covered public space".

The Bracknell Regeneration Partnership has confirmed it will pump the cash in to the town to revamp Princess Square and create a new area called The Deck.

The money is alongside a £4.5 million injection from Bracknell Forest Council, which was made as a sweetener to persuade BRP to make the huge investment.

A council report confirmed BRP had some "reluctance to commit significant funds necessary to commence the development" before the authority made its contribution.

The Deck is an area of The Lexicon which was formerly the Bentalls department store.

It will be filled with new food and retail units.

The new look Princess Square will eventually link to The Deck and it is planned 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 authority's investment means the council will see a share of future rents from Princess Square.

The agreement saw the council buy land on either side of the Southern Gateway site, which the council says has "significant regeneration potential".

Work is due to start soon, with The Deck expected to be finished 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, at largely private meetings which are 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.