Crown Estate buys Capital Shopping Centres’ Westgate in Oxford
On 5 February the Crown Estate exchanged a contract with Capital Shopping Centres (CSC) to buy the 230,000 sq ft centre for an undisclosed price.
CSC had planned to redevelop the centre, but local opposition and a probe into the compulsory purchase of surrounding sites forced it to put the £300m redevelopment on hold in 2008.
The work would have extended the centre by 750,000 sq ft with a new John Lewis store, and added 90 shops and 127 homes.
In his first interview since the purchase was announced, James Cooksey, head of urban asset management at the Crown Estate, says that it looks forward to working with local stakeholders on the future of the centre.
Cooksey says it will be assessing the development opportunity and considering long-term commercial viability.
The Crown Estate says there is strong demand for a department store and additional retailers in Oxford city centre, where there is an under-provision of large, modern shops.
It says that the existing Westgate extension proposals provide an opportunity to bring forward a scheme that integrates with the existing town centre.
But whether the Crown adopts the previous redevelopment plans or draws up new plans, it will need to secure local support to succeed.
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