A shopping centre that is currently up for sale is “almost certain” to stay open once sold, a council leader has said.

Both the Observatory and Queensmere shopping centres in Slough are reportedly close to being sold by their owner – the Abu Dhabi Investment Authority (ADIA).

Plans to demolish the sites and redevelop them for homes, businesses and shops were approved by Slough Borough Council in 2022.

The authority’s leader, Dexter Smith, said the sale, which could be completed by March, would likely see the Observatory remain open.

“If the site is sold – potentially before the end of this financial year – it will represent a significant step forward for Slough,” Mr Smith told a recent council meeting.

“While the Observatory and Queensmere centres are likely to be sold together, the former is almost certain to continue operating as a shopping centre.

“This will allow existing retail from Queensmere to be concentrated around it, maximising its commercial performance while enabling the demolition of the latter.”

Slough Borough Council confirmed earlier this month that ADIA was marketing the shopping centres, and received a number of bids that were “being turned into best and final offers”.

In response to a question about what the sale would mean for the redevelopment of Slough High Street, Mr Smith said new owners would “likely want to move quickly to develop the property”.

“We believe that several top-tier UK developers are interested in the site and are in active discussions with ADIA following a marketing process that took place late last year.”

“The inflated land value will effectively be reset by the sale, and the new owners will likely want to move quickly to develop the property in order to capitalise on their investment.”