Following a competitive selection process Standard Life Investments and SPG will work with the Council in developing a mixed use scheme on the Park Way development site. The 5.7 acre site has been allocated for development to include 270,000 sq ft of new retail space comprising a major department store, large fashion stores and a mix of medium and smaller retail units and catering outlets. There will also be a major residential component and car parking for up to 600 cars.

A planning application will be prepared with a view to submission by the end of summer 2005. The development is planned for completion by Christmas 2009.

The competitive bidding process involved detailed architectural and financial submissions and presentations to the cross-party Newbury Town Centre Task Group. These were of a very high quality from a strong shortlist including ING Real Estate, Taylor Woodrow and Simons Developments / Richardson.

Sally Hannon, Chairman of the Task Group and Executive Councillor with responsibility for Newbury Town Centre, commented: “The quality and experience of the shortlisted companies was high and the decision was extremely difficult. However, I am confident that we have chosen the right partner and scheme to ensure Newbury’s future vitality and vibrancy.”

“The scheme will be developed in accordance with the planning framework and will form part of a wider regeneration strategy. Plans include creating strong links with the rest of the town and Victoria Park while complementing the historic town centre.”

Vice-Chairman Councillor Emma Webster added: “I welcome the decision we have made to select Standard Life Investments and Shearer Property Group. The selection of the preferred developer illustrates a good piece of cross-party working. Now it is important that we move forward through the development process to create a development in Park Way for all of the residents of West Berkshire to enjoy.”

Mike Hannigan, Investment Director at Standard Life Investments added: “We are delighted to have been selected by West Berkshire Council to develop the Park Way scheme in partnership with Shearer Property Group. We believe that we will be able to create a scheme that will be a major boost to Newbury offering high quality retail and residential provision.”

Guy Shearer of Shearer Property Group added: “I understand that West Berkshire Council took a unanimous decision to award the project to ourselves and Standard Life Investments. We have been working on the project for 2 years now and very much look forward to working with Officers and Members to bring the project to life.”

Construction consultancy Cyril Sweett also advised West Berkshire Council.