Land earmarked for the Kings Triangle development in Maidenhead is under new ownership.
London & Aberdeen Group and Smedvig Eiendom have acquired ING RED's subsidiary company, which owned a large proportion of the 4.7 acre patch of land in Broadway identified in the Maidenhead Area Action Plan (AAP) as a key area for development.
ING Red UK had submitted plans to turn the land into a development featuring shops and restaurants, but its application was refused by a Maidenhead development control panel in April.
The Royal Borough has agreed to provide a secured loan of up to £5m if needed by the new owners, with terms equivalent to those available in the commercial real estate finance market.
Douglas Higgins, managing director of the London & Aberdeen Group, said: "Having observed the Kings Triangle situation for the last few years, London & Aberdeen Group and Smedvig are delighted to be stepping in and working with the Royal Borough to achieve the regeneration of this major central Maidenhead site.
"Our scheme should help act as a catalyst to the overall improvement of central Maidenhead with high quality urban design and architecture being paramount.
"We also aim to provide additional car parking and generous public spaces including a new plaza, encouraging people to shop, meet, live and work here."
Cllr MJ Saunders, cabinet member for planning, property and Maidenhead, added: "I am delighted that the development potential of this site has been recognised by the new owners and we look forward to hearing their proposals for its future use."
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