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The transformation of Bracknell town centre in 2017 has breathed life into the town and the job is not yet complete. The Bracknell Regeneration Partnership, a joint venture between Schroder and Legal & General, has outlined the next phase of works on The Deck, new retail and food units connecting to Princess Square. Prior to lockdown, Bracknell was starting to become a new destination of choice for shoppers and local residents.
One of the emerging prominent sectors in recent years has been the life sciences sector, and while we are witnessing clustering in key centres such as Oxford, Cambridge, White City and King’s Cross, the sector has also disseminated into regional towns. Eli Lilly’s 42,500 sq ft acquisition of 8 Arlington Square was the largest letting in Bracknell in 2020, acting as an important spoke to its UK HQ in Basingstoke.
The Eli Lilly acquisition has resulted in a new record rent for the town, at £29 per sq ft, which reflects an increase in prime rental tone of +28% in four years. While Bracknell still offers competitive market incentives in excess of surrounding markets, rent-free incentives are expected to contract once markets begin to return to their new normal.
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