A CASH-STRAPPED council is set to sell off land earmarked for hundreds of homes and shops to ease its financial woes.

Senior councillors are set to agree to the sale of the former Thames Valley University site, also known as the North West Quadrant, in William Street, Slough, at a special cabinet meeting.

Slough Borough Council effectively declared bankruptcy in 2021 after it amassed a £760m borrowing bill. It is selling up to £600m of assets to reduce its debt.

Slough Observer:

The local authority purchased the site for £24.2m plus £1.4m in stamp duty and entered into a 50/50 joint venture with regeneration company Muse to transform the site into 1,340 homes, 25 per cent of which are affordable, 467,180sqft of office space, and 43,900sqft of retail.

In July 2022, the council announced it was backing away from the project as it could no longer financially commit to the 10-year project, which is yet to receive planning permission, and was seeking a buyer.

READ MORE: Slough Council to sell major housing sites

According to a report that will be presented to senior councillors on Tuesday, March 7, Slough Borough Council could pay half of £1.9m pre-development costs and interest if the scheme does not proceed.

A buyer, also known as the ‘special purchaser,’ has been found but they and the price tag for the site remain confidential.

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If agreed, the project could still be delivered by the buyer and Muse. According to the report, the special purchaser has an ‘ongoing relationship’ with Muse.

The government-appointed commissioners, who are overseeing the council’s recovery, wrote: “This disposal is essential to meet the financial recovery goals and is considered to be best value in the market today.”