Strutt & Parker - Mixed-Use Development - West Berkshire, Newbury Town Centre

Date: 06 Sep 2004

Following West Berkshire Council's shortlisting of three developers for its Park Way scheme in Newbury town centre, Taylor Woodrow Developments and Simons Developments have joined the shortlist following Slough Estates' withdrawal from the selection process.

- The two other developers originally selected remain on the shortlist. They are London & Amsterdam Developments Limited (a wholly owned subsidiary of ING Real Estate Development UK Limited) and Standard Life Investments working with Shearer Property Group.

- Slough Estates plc has withdrawn from the scheme. The decision comes as part of a wider strategic move to focus on industrial property and the sale of most of the company's retail assets to Land Securities, announced last week.

- Taylor Woodrow Developments and Simons Developments join the shortlist.

The 5.7 acre Park Way site in the town centre has been allocated by West Berkshire Council for a development of around 270,000 sq ft of new retail space, including a new department store and smaller retail units, plus residential accommodation and car parking.

The Council initially received 14 bids as part of the Stage One - Expression of Interest. Now, in accordance with Stage Two - Development Brief, the shortlisted parties have been invited to submit detailed architectural and financial proposals by mid-November. A final decision on the preferred developer is expected in early 2005.

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