Funding in place for Gateway

M40 Gateway retail development

M40 Gateway retail development

Funding to the tune of £80 million for the development of the new Banbury Gateway retail park has been secured after the park was purchased from developers LXB Retail Properties Plc by The Crown Estate.

The business, which owns more than £8.1 billion of property on behalf of the Crown, announced the purchase on Monday along with its commitment to fund the development of the 26,500msq Acorn Way site, currently occupied by Prodrive.

The investment will include pre-letting spaces to Marks & Spencer.

James Cooksey, the firm’s head of regional portfolio, said: “Consumer trends continue to show a preference for destination retailing, which is why we increasingly see retailers consolidate into larger, more dominant schemes.

“These market dynamics, our specialist skills and critical mass underpin our investment in assets like Banbury Gateway.”

Gateway was given the green light last week after a judicial review was thrown out by a High Court judge. The park could be complete by spring 2015.

Any profit from property owned by The Crown Estate goes to the Treasury.




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