UK-based homebuilder Berkeley Group has entered into an agreement to acquire the Observatory and Queensmere Shopping Centres in Slough, England.
The transaction, set to be completed in mid-2025, will initiate a regeneration scheme aimed at revitalising Slough’s high street and town centre.
The 9.2-acre site in the heart of Slough represents a significant redevelopment opportunity in the South East of England.
Outline planning permission is already in place and the project envisions the creation of 1,600 new homes, as well as new retail, leisure, and entertainment spaces.
However, there are currently no immediate plans to redevelop the adjacent Observatory Shopping Centre.
Berkeley is set to advance its existing proposals to deliver a residential-led mixed-use development.
The scheme aims to enhance local connectivity by introducing new pedestrian routes that will link the local train station, Wellington Street, and the southern end of the high street.
Berkeley Homes Oxford & Chiltern managing director Elkie Russell said: “We are thrilled to continue playing an integral role in the regeneration of Slough. Our ambitious transformation of the iconic Horlicks Factory into a superb collection of new homes and residents’ facilities, has already created a vibrant new neighbourhood in the town centre.
“By acquiring this additional site, bringing forward new homes and breathing life into the high street, we will continue to support the long-term growth and success of Slough.
“Our vision is to enhance and support a thriving, sustainable town centre that reflects the energy and diversity of the local community “
This acquisition is a step in Slough Borough Council’s strategy to attract investment and stimulate regeneration throughout the town.
Berkeley Group is acquiring the shopping centres from a subsidiary of the Abu Dhabi Investment Authority.
Additional details regarding the development, including timelines for the proposed works, are expected to be announced in the forthcoming months.
Berkeley Group works in partnership with local communities and councils to revitalise underused land.
Last month, St William, a Berkeley Group subsidiary, secured full planning consent for the redevelopment of Bromley-by-Bow Gasworks after finalising a Section 106 agreement with Newham Council in England.
