Bracknell: The Deck set for £1 million extra taxpayer funds

The upcoming regeneration project will see the old Bentall’s department store knocked down and turned into a new public space complete with bars, restaurants and entertainment spots.  

READ MORE: Bracknell's The Deck start date 'under review', developers say

Bracknell Regeneration Partnership (BRP) — a joint venture made up of financial services company Legal & General and real estate investors Schroders UK — is the group paying for most of the development.  

But now the Partnership has asked the Berkshire Local Transport Body (BTLB) to help out after “uncertainties” around funding the scheme. 

A BTLB report read: “Whilst the scheme was originally developed by the private sector, changing market conditions have resulted in the developer stating that they are no longer able to fund the demolition and construction of The Deck as a result of uncertainties around the return on investment. 

“This demonstration of market failure affects the overall viability of the scheme for the private sector and evidences the need for public sector investment.” 

What does this mean?

Essentially, BRP is not comfortable investing in the scheme without the extra public funding, according to a report from infrastructure consultants WSP produced on behalf of Bracknell Forest Council (BFC).

This is because the estimated rental values of the new units set for The Deck could be reduced as a result of the coronavirus pandemic.

READ MORE: Bracknell's The Deck will get new roof as part of revision to regeneration project

The Bracknell Regeneration Partnership says, therefore, that the scheme is not viable without the extra money, which is needed specifically to demolish the old Bentall’s unit. 

This cash will “give BRP the confidence to unlock the rest of the scheme despite the
current adverse market conditions experienced throughout the UK”, the WSP report read. 

So who’s paying what for the project? 

The BTLB — an organisation made up of the six Berkshire borough councils which distributes taxpayer cash from central government to local infrastructure projects — is being asked to part with £955,882 to help fund the project. 

This will supplement the circa £12 million the BRP is putting up and the £6 million in public money Bracknell Forest Council has agreed to contribute from its capital funds to build The Deck. 

READ MORE: Two retailers confirmed for Bracknell's The Deck

The Partnership has already shelled out £1 million in scheme appraisal costs, according to the WSP report. 

What next?

An independent assessor has suggested the BTLB should back the scheme. 

The Body’s report read: “It is the conclusion of the Independent Assessor that Bracknell’s Town Centre “The Deck”, scheme offers a strong case for investment in the project, with clear strategic and economic benefits, and a detailed process for financing and delivering the scheme.”

READ MORE: Refurbishment of Princess Square complete as centre gets set to link with Bracknell's The Deck 

The Body will vote on whether to approve the request at a meeting on Thursday, November 12. 

When will The Deck be ready?

Back in September, The News asked Schroders (one part the BRP) when residents could expect to see work start on The Deck. 

A spokesperson for the company said this was “under constant review”, and that BRP ‘remained committed to The Deck’. 

A start date of January 2021 is given in the Body’s report, however, with completion tipped for August 2022. 

A report attached to the BTLB’s proposal indicated 60 per cent of units planned for The Deck are expected to be filled by 2022, 80 per cent in 2023 and 100 per cent in 2024.