How will new developments in Bracknell and Reading affect property?
The South East was once recognised for its connections to the capital, but in more recent years, it has become one of the most popular regions in the UK. With its population set to surpass 9,350,000 in 2022, many leading towns within the South East are undergoing ambitious regeneration schemes to meet the demands of this growing population.
The Bracknell Town Centre 2032 project is a prime example of the many regeneration schemes that are transforming the wider South East, and could stimulate up to 19.1% growth in property prices by 2025. Discover the latest regeneration schemes in Bracknell and Reading, and what’s in-store for this ever-expanding area in 2022.
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- Property prices expected to grow 19.1% by 2025 (Savills)
- Brand new Off-Plan development in the London Commuter Belt
- Forecasting 7% growth during build
- Top location for London leavers forecasting yields above 5%
- Exclusive resident-only facilities brand new to Bracknell
Fitzwilliam House, better known as NHS Berkshire HQ, is set to see extensive redevelopment over the years. Since its inception in 1973, Fitzwilliam House has served several different purposes but is due to return to its roots with the completion of this project.
The current plot, which stands at around 4,680 sqm, is due to be expanded to 13,000 sqm in the coming years. This extra space will be filled by a mixed-use lobby, plant room and roof terrace, all of which will span several floors of the development. Being just a seven-minute walk from Bracknell train station, Fitzwilliam House will benefit both Bracknell residents and inward commuters.
Mixed Use Trio
At the beginning of the year, a partnership was formed between the Berkshire council and housing developer, Countryside, to regenerate more areas of Bracknell. The three phase project has already revitalised Market Street and Jubilee Gardens, with the final phase set to regenerate Coopers Hill.
While planning permission to redevelop Coopers Hill was granted at the end of August, construction is expected to begin in Q4 2021. Upon completion in 2023, this site will include 52 new homes in total, comprising both houses and apartments.
When combined with Jubilee Gardens and Market Street, this joint venture totals over £124 million, and will deliver around 400 homes, a new health centre, gym and restaurant.
Bracknell’s regeneration schemes come with many visions and ambitions, but a key goal for the town is to make it a retail and leisure hotspot. The Deck is an integral part to achieving this ambition, and will eventually bring new restaurants, bars and entertainment spaces to the town.
The completion of The Deck will not only serve as a link between The Lexicon and Princess Square, but it will also complete Bracknell’s new leisure and retail quarter. In 2023, this new landmark will aim to meet the demands of Bracknell’s expanding population, with this increased variety in amenities offering residents the perks of urban life at a fraction of the price.
Regeneration schemes spread far and wide across Berkshire, with the likes of Slough and Reading closely following in Bracknell’s footsteps. Station Hill is a key project within Reading, and is the second phase of a much larger scheme. While the first phase delivered new office accommodation for around 8,000 employees and 100,000 sq ft of cafes, restaurants and retail space, Station Hill will focus more on residential developments.
Upon completion, Station Hill will deliver around 750 new homes, along with additional office space for another 9,000 workers. Additionally, the site has permission to add new shops, cafes and restaurants on four plots of land across Station Hill. With the addition of public spaces and new amenities, this regeneration project will not only benefit existing residents but it will also bring more people to Reading.
The Grand Exchange
The Grand Exchange is set to be a landmark development for Bracknell, bringing with it exclusive resident-only facilities, private landscaped gardens and premium apartments. Not only will this unique project be the epitome of luxury, but The Grand Exchange will also replicate an esteemed community feel for tenants.
Forecasting a completion date of 2023, The Grand Exchange coincides with Bracknell’s wider multi-million pound regeneration, due to the site previously housing the town’s local bus depot. The Grand Exchange will also benefit from the convenience of its location, with this prestigious development situated on the London Commuter Belt to sustain Bracknell’s outward travellers.
With more new developments and regeneration schemes popping up across Bracknell, property forecasts are reflecting this growth. While average rents are expected to rise by around 8% by 2025, property prices are expected to surge, with an estimated 19.1% increase in the same period.