Slough Council could strike a deal with major developers to purchase land at the Akzo Nobel Decorative Paints site on Wexham Road.

The leader of the council, councillor James Swindlehurst (Labour: Cippenham Green), announced they have reached a “heads of terms” agreement with international real estate company Panattonni to buy housing land on the southern part of the site for more affordable housing.

If everything goes ahead as planned, the council could acquire the residential element of the site in early 2021.

Back in August, a majority of members of the planning committee approved outline plans for 1,000 homes and commercial buildings to be built at the town centre factory.

Further details of the mixed-use scheme will be voted on at a later meeting.

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At a full council meeting on November 24 (Tuesday), Cllr Swindlehurst said officers and lead members have been negotiating “behind the scenes” with the developers and they are now undertaking “commercial, legal, and technical due diligence”.

Subject to this, negotiations with Panattonni concluding as planned, and cabinet’s approval of a business case, 850 houses could be built there and “it is more likely” over 500 of those will be social and affordable family homes.

In the outline plans, Panattoni said only 25 per cent of the 1,000 homes built in the southern part of the site would be affordable.

This scheme as well as other major developments in Slough will be “building away” a significant number of people and families on the council’s social housing waiting list, according to Cllr Swindlehurst.

He said: “This will ensure that the council will make a major contribution to shaping the eastern side of the town centre and delivering a significant supply of 500 new social and affordable homes.”

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In a letter seen by the Observer, councillor Dexter Smith (Conservative: Colnbrook with Poyle) said the council is buying the “wrong bit of land” and should be purchasing land on the north instead to place the housing on the canal-side as it will create a “much-needed destination” for the canal.

He said: “There is now a once in a life-time opportunity to create something of real value in Slough, and this Labour council shouldn’t be allowed to waste that by its obsession with social housing numbers, high density developments and taking the easy path of least resistance.

“A marina in Slough will provide housing on the water, as well as round it, and a destination on the canal side which will create value for surrounding housing – new and existing – plus a focus for leisure and pleasure and supporting businesses.”