MAJOR housing sites are to be put on the market as Slough Borough Council seeks to “de-risk” its financial commitments.

After declaring bankruptcy last year, the council is needing to sell up to £600m-worth of its properties and land to reduce its £760m borrowing debt.

In a joint venture between the local authority and regeneration company Muse, they formed Slough Urban Renewal which sought to transform the town by creating new affordable homes, ‘iconic buildings,’ open spaces, and leisure facilities.

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But because the council is seeking to sell its assets and reduce its financial risks with development projects, senior councillors agreed to put the schemes on the market.

These include the former Thames Valley University (TVU) site, also known as the North West Quadrant, that has been earmarked for 1,300 homes and 45,000sqm of commercial space.

The 212-home site on Montem Lane, and the 312-home site at the end of the Grand Union Canal – known as Stoke Wharf – will also be for sale.

If the council wanted to stay on with the three projects, it would require a £27m investment over the next five years, which it cannot afford to do and would add to the authority’s gargantuan borrowing debt.

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Cllr Rob Anderson (Lab: Britwell & Northborough), lead member for financial oversight and council assets, explained Muse wishes to stay on and redevelop the former TVU site, which was bought in 2016 for £24.2m, but needs a partner to carry out the project.

A new partner will be found as the council will “relinquish” its involvement. ‘Advanced negotiations’ with a purchaser are already underway, according to the report brought to cabinet on Monday, July 18.

Slough Observer: Drawing of what the Montem Lane scheme would have looked likeDrawing of what the Montem Lane scheme would have looked like (Image: Slough Borough Council)

Montem Lane and Stoke Wharf, which both have full planning permission, will be put on the market to see what the council can get from it.

Cllr Anderson said: “The issue around here is trying to find a solution which de-risks our financial commitments to these sites, doesn’t increase our borrowing, and indeed will decrease our borrowing, and will make a substantial contribution towards that disposals target that will have in this year’s budget and going forward.

“It will remove us from that significant investment and reduce our risk profile going forward.”

A report will come back to report for senior councillors to approve the sales if offers are made.

Much of the discussion around these disposals was discussed in private without the public or press present as cabinet members could not discuss the North West Quadrant partner in public.