L&G Capital, Schroders commit €270m to Bracknell project

Legal & General Capital and Schroder UK Property Fund said construction will start in the spring on their £200 mln (€270 mln) development in Bracknell, around 50 km west of central London.

The new development in the north of Bracknell Town Centre will comprise a total of 580,000 sq ft (54,000 m2) 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 to a 92-unit residential scheme.

Over 53% of the scheme has already been pre-let or delivered, with retailers including Fenwick, Marks & Spencer, Primark, Waitrose and H&M. Cineworld has also committed to a new 12-screen cinema. Delivery is planned for the spring of 2017.

Separately, Legal & General Capital has also announced plans to build 1,000 new homes at Crowthorne in Bracknell. Bracknell Forest Council granted planning permission in January 2015 for the regeneration of the Crowthorne site.

The first phase of development will begin this year and include the delivery of around 200 houses, along with a primary school, works to create over 100 acres of public open space, and improvements to the roads and public transport.

'Legal & General wants to regenerate cities and towns across the UK, and today’s announcement shows what can be done in partnership with a forward-thinking council and a committed partner with shared aims and values,' commented Paul Stanworth, managing director of Legal & General Capital.

CBRE and Lunson Mitchenall are letting agents for the project.