Banbury retail fashion park will get £80m funding from Crown Estate

Banbury Gateway retail park
Image caption Core tenants at the fashion park will be Marks & Spencer and Next

The Crown Estate has announced £80m funding for a new retail fashion park in Oxfordshire.

Development can start on Banbury Gateway after a High Court judge rejected a judicial review last week.

Barry Whitehouse from Banbury Old Town Association said he was "disappointed" by the news, and said it would drive out town centre trade.

Marks & Spencer and Next will be core tenants at the park, which has been bought from LXB Retail Properties.

The Crown Estate is a property portfolio owned by the sovereign, which pays profits to the Treasury.

A spokesman for the Crown Estate said the new retail park would create between 800 and 1,000 jobs.

It has also announced selling Zenith Industrial Estate in Basildon for £19m to the property fund manager Cordea Savills and Cabot Park in Avonmouth to the Blackrock UK Property Fund and Canmoor for £31m.

The Banbury Gateway site in Acorn Way, Banbury, was formerly the headquarters of motorsport company Prodrive.

More on this story

Related Internet links

The BBC is not responsible for the content of external Internet sites