NewRiver has received planning consent for a mixed-used development on the site of Templars Square shopping centre in Cowley near Oxford.
The £56m, 236,000 sq ft development will include 226 flats, a 71-bed budget hotel, two new restaurants, modernised car parks and a major improvement of nearby public space.
The hotel and leisure element is already 82% prelet, after Travelodge agreed a deal last year, and the company said it had seen good demand for the restaurant units.
The regeneration forms a key part of NewRiver’s 1.9m sq ft development pipeline.
NewRiver bought Templars Square in December 2012 and submitted a planning application in November 2016.
Allan Lockhart, property director, said: “A combination of rationalisation of the existing car park provision, capitalising on the air space above the centre and site assembly have enabled a proposal with significant massing. The existing shopping centre will continue to trade throughout the development and we are confident that its rental tone will benefit from the improvement works.”
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