New Developments in Slough to Watch in 2020
Slough has been voted the Best Place to Live and Work for three years running by Glassdoor, solidifying its position as a key point of demand in the South East and a prime investment market filled with potential.
With London still recovering and relatively unaffordable for the majority of UK buyers and renters, nearby commuter towns such as Slough continue to be an attractive alternative that offers affordability and opportunity.
It’s the same story for investors. While London has always been the traditional choice for investment, it’s vital to follow demand and in 2020, that demand resides in towns such as Slough.
Thanks to a broad £3 billion regeneration plan that is revitalising the skyline and delivering new, attractive amenities, Slough is forecasting higher growth than London with a much lower cost of entry – a clear choice for the smart investor.
With this in mind, we’re examining the new developments in Slough to watch in 2020, especially those that are attracting a new wave of tenant demand and contributing to a predicted growth of 15% over the next four years.
Estimated Completion: 2021
Despite numerous delays, Crossrail continues to be one of the most vital infrastructure developments for Slough. Research commissioned at the start of the last decade suggested that house prices within a km of a station would rise 25% more than the average prices in Central London. In reality, prices have soared by more than 66%.
Crossrail has also highlighted the undersupply present in key areas along the route. While some locations already have plenty of stock available – meaning lower prices and less demand – others continue to suffer from a severe undersupply meaning they stick out for investors. Slough is one of these locations, experiencing the undersupply that can drive rising prices for investors.
GVA also predicted in 2012 that Crossrail would contribute to nearly 57,000 new homes and £5.5 billion in property values along the line. Since 2012, GVA have updated their research and it shows, in no uncertain terms, that Crossrail will impact development, regeneration and value creation much more than previously thought – by 2026 that expect property values within 1km of Crossrail to feel an uplift of £20.1 billion.
With Crossrail due to complete in the next year, expect the typical ‘boom’ that follows the completion of a development such as this to be huge for the Slough market.
Queensmere Shopping Centre
Estimated Completion: TBC
After two shopping centres were bought by the Abu Dhabi Investment Authority in 2016, a number of rumours circulated about what would be done with the sites. Although a planning application isn’t expected to be submitted until 2021, the proposal for the Queensmere Shopping Centre site will be worth the wait.
Plans suggest a development that offers between one and two million sq.ft of office space, 500,000 sq.ft of retail and leisure space as well as a food hall and residential accommodation, creating a truly epic mixed-use development.
As a major aspect of Slough’s £3 billion regeneration, the Queensmere site is one of the leading developments and will create an entirely new destination for the town when it’s completed. The scale of the development could be a huge boost for demand as it’ll deliver a number of key amenities that the modern tenants are looking for.
Estimated Completion: Q3 2020
A first for Slough, the private, gated community Iron House is ideally equipped to meet the needs of a rapidly-growing professional workforce. A landmark for an established commuter destination and regeneration hotspot, Iron House has world-class travel links within walking distance, making it perfect for commuters and offering direct access to key destinations across the South East.
As part of the wider regeneration plan across Slough, Iron House represents a unique proposition, comprising 65 luxury apartments perfectly designed to meet the demands of the modern tenant. An exclusive gated community and rarely seen secure underground parking gives residents peace of mind while ensuring the quality that makes Iron House stand out from the crowd.
Western Rail Access to Heathrow
Estimated Completion: 2024
Western Rail Access to Heathrow (WRAtH) is exactly what it sounds like – a direct link to Heathrow Airport from stations along the South West, South Wales and even the West Midlands.
As it passes through key areas in the South East – such as Slough – it’ll aim to improve access and reduce congestion while directly improving the infrastructure. The new route is expected to create a number of economic benefits for businesses in the region and will provide £800 million of economic activity alongside 42,000 employment opportunities.
With final consultations expected to start in 2020, it’s expected that WRAtH will be completed and operational by 2024.
Old Library Site
Estimated Completion: Late 2020
An exciting development at the heart of the town, the regeneration of the Old Library Site is set to deliver two brand-new, high-end hotels from Marriott. The hotels will deliver a combined, and much needed, 244 guest rooms as well as a bar, dining area and lounge.
Alongside the hotels, the development is also expected to deliver around 5,000 sq.ft of restaurant and retail space, encouraging further footfall. This on-going redevelopment will make Slough even more desirable as a location for living and working while also meeting the demand of business users that will benefit from the direct links to London and Heathrow.
New Eton House
Benefitting from close proximity to the town’s established commercial centre, New Eton House sits just minutes from all of the exceptional career opportunities that Slough can offer. The first of its kind in Slough, New Eton House is a unique proposition ready to capitalise on the foundations of Slough’s success.
Comprising 58 high-end, luxury apartments nestled on a tree-lined road, New Eton House provides open-plan living to an incredible standard. Designed for the discerning tenant, New Eton House is a unique proposition for Slough. According to Andy Wright from Kingdom Property Services, an estate agent in Slough, “a shifting tenant demographic is also creating a widening gap in the market for higher spec, luxury apartments that Slough, until now, hasn’t seen before.
“New Eton House is set to be the first high spec development of its kind within Slough to be designed to cater specifically for this demand, and with only 58 apartments and ample parking, it presents a very lucrative investment opportunity, that we’re already receiving a lot of interest for.”
Thames Valley University Site
Estimated Completion: TBC
A major site that is set to be transformed as part of the Slough Urban Renewal plan, the proposed site will include new housing, offices, shops and leisure facilities – completing the final ‘quadrant’ of the heart of Slough.
Because the site is significant for the town, it’s expected that the Thames Valley University site will become a major destination when it’s completed. With a public consultation expected to take place at the end of 2020, the current master plan is being drawn up by recently appointed development manager MUSE.