British Land and the Abu Dhabi Investment Authority are reworking plans for the redevelopment of Slough’s Queensmere and Observatory shopping centres to more than double the number of homes.
The partners are working on plans for more than 2,500 homes, with 538,195 sq ft of office space and 161,458 sq ft of retail and food and beverage.
A revised masterplan will replace old plans for the office-led Slough Central. This proposed 1.8m-2.3m sq ft of offices, accompanied by 1,100 flats and up to 333,680 sq ft of retail, F&B and leisure space.
ADIA appointed British Land as asset and development manager to the two shopping centres in 2019, anticipating an investment of up to £900m for the redevelopment.
The REIT has doubled down on retail and office disposals in the wake of the pandemic, with new boss Simon Carter highlighting a greater appetite for developing alternative uses, including residential and logistics.
A British Land spokesperson, said: “The planned redevelopment of the Queensmere Observatory Shopping Centre will be coming forward for a fresh round of consultation in the spring, with plans now focused on a residential-led mixed-used scheme that can help reinvigorate the existing high street.
“The proposals include new high-quality and accessible routes and connections through the town centre, with the goal of creating safe and welcoming public spaces. The new approach is based on identifying the best solution for the Slough Central site and is not a response to the Covid-19 pandemic.
“A planning application is anticipated in the autumn of 2021 and will be brought forward by asset and development managers for the site British Land.”
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