Standard Life Investments and Shearer Property Group have finally committed to the 330,000 sq ft Parkway shopping centre in Newbury, Berkshire.
Three years after being selected by West Berkshire council, the partners this morning said they planned to start work on the £120m development in October, having gone unconditional on the development agreement.
The pair had been weighing up whether to go ahead with the development in the current economic climate.
SLI investment director Mike Hannigan said: “The development will significantly improve the retail, residential and leisure environment in Newbury town centre and will deliver an asset of exceptional quality positioned for growth in a town underpinned by strong demographics.
“In committing to the project at this point in the cycle we have secured very competitive pricing in a number of areas and this will allow us to deliver the development as the market begins to return to a growth cycle in 2011.”
Guy Shearer of Shearer Property Group added: “In the current economic climate, this is an extraordinary achievement. Parkway will be one of very few schemes to open in 2010, by which time it will be much sought after by the retailers.”
