Slough Urban Renewal (SUR) is a Property Partnership formed by Slough Borough Council (50%) and Morgan Sindall Investments (50%). The joint venture plans £1bn of development over its 15 year life. Our dedicated team based in Slough is delivering an impressive programme of joint developments and community projects. The Partnership’s key objective is to create more value for the Council, as well as more opportunity, more prosperity and a better quality of life for those who live and work in the borough.
We have expanded our team in Slough from 7 people to 80 people in the last 19 months as a result of the increased development activity. We draw on Morgan Sindall Group’s tremendous capacity to deliver developments through the following market leading companies:
• Morgan Sindall Investments (development management and property management)
• Morgan Sindall Construction & Infrastructure (construction and infrastructure)
• Lovell Partnerships (house building)
• Overbury and Morgan Lovell (fit out)
• MUSE Developments (mixed use development)
The schemes which have been promoted by the Partnership include a mixture of residential, commercial and retail developments as well as social infrastructure projects such as health, education and leisure.
Our development management team is currently working on 27 sites simultaneously, ranging in value from £0.6m up to £600m.
Benefits to the council
Significant financial contributions are being made to the Council by the Partnership. As a result the Council has not had to cut frontline services to date, despite the current austere funding circumstances faced by all local authorities.
The Council is due to receive £20m across 2017 and 2018 from the Partnership, being a combination of land receipts and development profits. Development profits on the early schemes have increased 20% above initial expectations. This is due to a combination of market uplift and regeneration premium, as perceptions of value change through placemaking and infrastructure improvements (e.g. the arrival of Crossrail in 2019).
An initial tranche of six joint developments for profit and one public building were identified at the outset, with a total gross development value of £300m. As a result of excellent performance delivering the initial tranche of sites, the Council has added a significant amount of new work to the Partnership’s scope. The Partnership is now developing projects with a total gross development value of £1bn.
‘Our partnership with Morgan Sindall, Slough Urban Renewal, continues to go from strength to strength. It is not only providing Slough with iconic buildings like The Curve, but also building world class leisure facilities - including our new ice arena opening in April 2018, a new family activity centre opening in June 2018, Langley Leisure Centre's extension and refurbishment also to be completed by this summer, and our brand new main leisure centre to open early next year - homes for our residents’ and even a home for our football team. It’s a partnership that has Slough residents at it’s core, our future regeneration works at the Thames Valley University site and Stoke Wharf are testament to the fact we want to ensure all our residents benefit from this outstanding partnership which is redefining Slough.’
James Swindlehurst, Leader of Slough Borough Council