Keeping you up to date around town

Formal Signing of Town Centre Regeneration Development Agreement Takes Place

24/05/07

Another major step forward has been taken towards delivering the 750 million regeneration of Bracknell town centre with the completion of a development agreement, signed by Bracknell Forest Borough Council and Bracknell Regeneration Partnership (BRP).

The formal signing took place at the full Council Meeting on Wednesday, May 23, with the Mayor of the Borough of Bracknell Forest, Cllr Cliff Thompson, Cllr Bettison, Leader of the Council, Cllr Mrs Shillcock, Leader of the opposition, Timothy Wheadon, Chief Executive, and, representing BRP, Mark Creedy Managing Director, Property, Legal and General and William Hill, Head of Property, Schroders.

Victor Nicholls, Assistant Chief Executive said: “This signals another vital step towards the regeneration of the town centre that residents want and deserve.

“We are committed to creating a new, self-confident town centre, which is thriving and vital for the people of Bracknell Forest.

“The Development Agreement provides a comprehensive legal and financial framework, which will enable us to work together to achieve this.”

Mark Creedy, Managing Director of Legal & General Property comments: “The Development Agreement defines the commitment of both BRP and the Council to work together to bring about the revival of Bracknell Town Centre.”

Head of Property at Schroders William Hill said: “The formal signing of this agreement is the culmination of many months and years of hard work on both sides and clearly demonstrates that the regeneration is really happening.”

BRP secured outline planning consent last December for the town centre regeneration which will introduce fantastic new leisure facilities and retail space, homes, cafes and restaurants, a new central library, civic accommodation, magistrate’s court, police headquarters and a new Royal British Legion building. More detailed planning applications will be submitted throughout the coming months.

Whilst most of the land required for the regeneration of the whole town centre is already owned by BRP or the Council there are a number of freehold and occupational interests to be acquired and so Bracknell Forest Borough Council is now proceeding with a Compulsory Purchase Orders (CPO). The Council and BRP will continue to negotiate with landowners and occupiers to acquire the land necessary to enable the development to be implemented, however the CPO gives the Council the power to acquire the land in the event that agreement cannot be reached.

As the Council progresses with CPO, the Government Office for the South East has published the Road Closure Order (RCO) that identifies roads and public highways that need to be changed or closed in order to deliver the development.

Working together, BRP and the Council are taking the next key steps to deliver the exciting town centre proposals, with the aim of starting the first phase of construction in late-2008.