Oxford

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.

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