An old university site has been sold in a multimillion-pound regeneration deal which will see 1,300 new homes being built.

The new developer has set out plans to transform the former site of Thames Valley University into a new neighbourhood in the centre of Slough.

On March 24 it was announced that the government’s housing and regeneration agency, Homes England's, purchased the site from Slough Borough Council.

Homes England is to now team up with nationwide placemaker, Muse, who has been working with Slough council for the past decade to push forward urban development.

Plans for the new neighbourhood in the North West Quadrant (NWQ), will make the area a "key site" in the town centre, creating "major positive changes to the community and the local economy". 

Slough Observer:

NWQ will deliver a range of mixed-tenure homes to suit all lifestyles, places to work, and a wealth of supporting amenities, set within "beautifully curated public spaces".

Chris Scott, development director at Muse, said: "This deal in Slough with Homes England is a perfect example of how strong partnerships between the public and private sector, can overcome challenges to achieve shared goals.

“For the past decade, through our Slough Urban Renewal joint venture, we have already successfully created much-needed affordable homes and a number of amenities, such as schools, leisure and sporting facilities in the town.

"We’ve also secured planning on the Stoke Wharf and Montem Lane sites, which will bring forward an additional 500 mixed-tenure homes.

“Slough’s a fantastic town, rich in history, and we’re delighted to reach an important milestone that’s secured the future of the North West Quadrant and we look forward to engaging with the local community and key stakeholders again soon.”

Following the sale of the site, Homes England and Muse look forward to engaging in an extensive engagement programme that is anticipated to start in the Summer, which will inform a revised, community-focused masterplan.

The sale of the Slough Borough Council-owned land comes after the council began struggling with their finances, racking up to £266million in debt.

At the beginning of March, it was agreed that selling off the land would go a "considerable" way in paying off the money owed.

While the amount the land has been sold for remains unknown, Slough's council leader has said the sale has "significantly improved" the council's situation.

Council leader, James Swindlehurst said: “I am delighted we have agreed this multi-million-pound sale, the scale of which significantly improves the council’s financial position whilst ensuring our key priorities are delivered by a trusted and respected specialist partner on this site.”