PART of a major 1,000 home development is set to be purchased by Slough Council from an international real estate company.
At next Monday’s (January 18) cabinet meeting, lead councillors are set to approve purchasing the multi-million pound residential part of the former Akzo Nobel factory area in the town centre.
Slough Council will be acquiring this land from development firm Panattoni and would be used for 1,000 new homes, 25 per cent of which will be social and affordable housing.
It also has planning permission for a variety of retail alongside new public spaces, car parking, and new roads and footpaths.
The council is only looking at purchasing the residential side, which is to the south of the site instead of the north as it is a commercial area.
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The proposed cost of the land is currently commercially confidential.
If cabinet agrees with this proposal, the cost of buying the land would be met by borrowing at a low-interest rate and use the council’s capital budget.
This is separate from the revenue budget, which provides funding for council services.
Councillor James Swindlehurst (Labour: Cippenham Green), leader of the council, said: “It has sometimes been frustrating that major developments in the town are only in our hands as a planning application with little or no real control over the final outcome.
“By buying this land, we are in control over the destiny of the site, can direct it to provide the most benefit to local residents and ensure it joins with other regeneration in the centre square mile to both align with and compliment our over all strategy for this part of our town.
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“Providing high-quality homes across the social, affordable and private housing sectors is a strategic priority for us as the council
“With the proposal including at least 25 per cent affordable housing we want to provide local quality homes for local people, with control over the public areas to provide a holistic and improved environment.
“We have aspirations for an even greater proportion of the site to be social and affordable housing and to make this a flagship scheme for our emerging sustainability and transport strategies and will be continuing this work once we have secured the site.”
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