Leaders of Bracknell Forest Council have agreed to increase the amount the council will spend on a large new block of flats on Market Street in the town centre.

Bracknell Forest Council and private developer Countryside Properties are building a 169-home town centre housing project where the old bus station used to be on Market Street.

Under the agreement, the council and Countryside Properties pay 50 per cent of the costs each. But the council says increased construction costs means it will have to shell out more than it first planned for.

Bracknell Forest Council’s executive committee agreed to increase the spending at a meeting on Tuesday, 18 July. Further details of the costs were kept confidential on the grounds this is sensitive commercial information.

But Joint Venture Business Partner Sarah Holman confirmed that the council and Countryside Properties would continue to pay an equal share.

She said: “The council is contributing 50 percent of the development costs of the development. However, these costs have risen over the past 18 months by around 10 percent.

“This does not mean that the council is contributing more than 50 percent of the costs. These additional costs will be split equally between ourselves and the JV partner.”

She added: “The costs are made up of a mix of inflationary costs and some rephasing of the expenditure.”

Ms Holman also said the increased funding will ensure that the development will include more than 25 percent of affordable housing.

The council says a “loan note mechanism” contained in a legal agreement with Countryside Properties means it will receive back the funding it put in, plus interest, once the development is complete.

READ MORE: Fewer affordable homes in Bracknell Market Street flats

Council leader Mary Temperton said: “These are really exciting times with this movement forward with a high percentage of affordable homes and I’m fully in support of doing what we have to do to support this project.”

Councillor Megan Wright said: “We know that there’s a need for affordable homes in the borough and this is a very exciting venture and the sooner it’s open the better.”

Earlier this year, former council leader Paul Bettison agreed to reduce the amount of affordable housing that would be in the new development, also due to increased construction costs.

He said this was necessary to ensure housing developers’ income. And the council’s executive director for resources Stuart McKellar added that Mr Bettison’s decision came after “feedback” from some of the housing associations interested in purchasing the homes to let at affordable rents.