One of the largest urban regeneration schemes currently being built in the UK has its opening this coming Thursday. The Lexicon Bracknell, a £240 million retail and leisure town centre transformation in Berkshire, will create a new social heart for the town and East Berkshire.
Simon Russian, Head of Development, Bracknell for Legal & General Investment Management, Real Assets, said: “The transformation of Bracknell has been a massive challenge. Much hard work, imagination and investment was required to turn the previously run-down town centre into a vibrant, enticing destination in line with its affluent catchment. Significantly, this is the first post-war New Town to be completely master planned, demolished, reconfigured and rebuilt.”
The 580,000 sq ft Lexicon was developed by the Bracknell Regeneration Partnership, a 50:50 joint venture between Legal & General Capital and Schroder UK Real Estate Fund, working with Bracknell Forest Council.
Jessica Berney, Head of UK Retail at Schroder Real Estate, commented: “The Lexicon has delivered thousands of jobs and attracted new brands, ensuring the town is now a leading retail and leisure destination in the southeast, which customers can enjoy and return to again and again. We view the Lexicon as the catalyst for future opportunities in a town centre where people want to live, work and spend their leisure time.”
Some £768 million is being invested in the regeneration of Bracknell Forest borough, encompassing the town centre and the neighbouring area. The regenerated town centre now consists of one million sq ft of retail, casual dining and leisure, including the existing Princess Square shopping centre.
The town centre’s evening offer will be transformed with the opening of a 12-screen Cineworld, featuring the only 4DX screen in the Thames Valley, and 10 casual dining restaurants, such as Nando’s, wagamama, Gourmet Burger Kitchen and Carluccio’s. The Bull public house, a celebrated Grade II listed part of the borough’s heritage, has been restored and extended and will be used by Young’s for its first site in Berkshire.
The remainder of the town centre regeneration includes one of the largest green walls in Europe, plus the refurbishment of existing shop facades, major public realm improvements, some 3,800 spaces in new or renovated car parks and significant highway upgrades to the local network, together with improvements to the key gateways into the town.