Berkeley Group has agreed to a land acquisition that will unlock a major regeneration scheme in the South East.
Inside the deal: Berkeley is buying the Observatory and Queensmere Shopping Centres in Slough from a subsidiary of the Abu Dhabi Investment Authority, releasing a development area spanning 9.2 acres.
The transaction, which is due to complete in the summer, initially applies to the Queensmere site and high street only.
Slough Borough Council has already approved outline planning for a residential-led mixed-use development, comprising 1,600 homes, alongside new retail, leisure and entertainment facilities, as well as public realm and landscaping.
New pedestrian routes, improving connectivity between the station, Wellington Street, and the southern end of the high street, are also proposed.
There are “no immediate plans” to redevelop the Observatory site, Berkeley added.
The deal follows Berkeley undertaking the transformation of the former Horlicks Factory into a 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,” said Elkie Russell, MD of Berkeley Homes, Oxford & Chiltern.
“Our vision is to enhance and support a thriving, sustainable town centre that reflects the energy and diversity of the local community.”
Further details, including timelines for proposed works, will be shared in the coming months, Berkeley said.
Elsewhere, nearly 300 new homes were given the go-ahead at Bow Common Gasworks earlier this year by Tower Hamlets Council, with developer Berkeley Group working alongside architecture firm, Studio Egret West.
The revised masterplan will see the total number of homes increase from 1,450 units to 1,764.
Berkeley financials
Berkeley Group delivered £275 million of pre-tax profit for the six months ended 31 October 2024, with net cash at £474 million.
Despite market volatility, the group is on track to achieve pre-tax profit of £525 million for the full year and at least £450 million for FY2026.
Berkeley is also on target to complete a £283 million shareholder returns programme by 30 September 2025.
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