MULTI-MILLION pound plans to transform a neglected Cowley shopping centre are set to rejuvenate the area, developers said.

NewRiver Retail unveiled further details of its scheme to transform Templars Square Shopping Centre yesterday.

Residents were given a first look at a draft plan of the company’s vision to overhaul the centre, which is expected to take up to five years.

NewRiver Retail development manager Jamie Whitfield said: “This will rejuvenate the area.

“We want to leave Cowley with a shopping centre that they can be proud of and they want to use more.

“We are not going to settle for second best.”

Developers intend to demolish the centre’s 470-space Castle car park and build 99 new apartments, along with 54 car parking spaces and 29 spaces for residents at the Barns Road car park.

The former Nelson pub, which NewRiver Retail bought earlier this year, will be transformed into a 71-bed Travelodge hotel, as well as 74 new homes.

The site will include a 5,920 sq ft ground-floor space which will be filled with new restaurants, as well as 78 car parking spaces for new residents and 118 public spaces.

Developers are also proposing to introduce new paving, landscaping, lighting and outdoor restaurant seating after narrowing Between Towns Road.

A further 57 new apartments, which will include affordable housing, will sit above the current shopping centre, while the Knights Road and Hockmore Street car parks are also expected to be upgraded.

But residents have said they are concerned the plans could increase congestion and lead to parking problems if the centre’s Castle car park is demolished.

NewRiver Retail spokesman Martin Hughes said only 30 per cent of the centre’s car parks are occupied during peak times and plans will not impact nearby roads.

“The centre has been neglected for a long time. Cowley deserves investment.”

Susan Capel, of Beauchamp Place, said she was concerned about shoppers parking outside her home and walking to the centre.

She added: “This is going to attract more people and where are they going to park? We are concerned because we already have parking issue.

“But it will be uplifting for the area. It certainly needs upgrading.”

NewRiver Retail, which has been the leasehold owner of the centre since December 2012, revealed initial development proposals to residents at a public exhibition at the 290,000 sq ft centre in July.

A planning application is expected to be submitted to Oxford City Council in early November, with developers hoping to start work on phase one of the centre’s upgrade towards the end of 2016 of planning permission is granted.

Developers plan to work with architects Corstorphine and Wright, as well as landscape architects Macgregor Smith, to revamp the shopping centre.

Residents can view development proposals at the shopping centre between 10am and 4pm today.