| No official announcement has yet been made, but Shearer Property Group funded by Standard Life Investments is understood to have been the successful developer to partner West Berkshire Council in the regeneration of Park Way.
The 2.3 hectare (5.7 acre) site will see nearly 25,000 sq m (270,000 sq ft) of new retail space including a new department store and smaller retail units, plus residential accommodation and car parking.
The Shearer plan is believed to include residential accommodation on the upper floors with underground car parking on two levels. A section of Victoria Park will be used as a temporary shoppers car park while development takes place. British Home Stores are understood to be one of the potential tenants for the department store.
Nick Carter, Corporate Director (Strategy & Commissioning) of West Berkshire Council said recently:
"There is considerable demand for retail space in Newbury town centre, and the regeneration of the Park Way site will not only provide for a number of prime units and department store but it will also be a major catalyst for future development in the town."
"As well as bringing new facilities to Newbury, a very important part of the brief has been for the proposals to create strong links to the rest of the town and provide high quality buildings that fit in with our historic town centre." | 
