THE CROWN Estate sold half its stake in Oxford’s Westgate Centre shortly after buying the £56m property last week, it emerged yesterday.
The organisation sold a £28m 50 per cent stake to the Land Securities Group, which has carried out major shopping developments in Bristol, Cardiff, London and Leeds.
The companies plan to work together on a major revamp of the rundown shopping centre, although the original £330m redevelopment is likely to be scaled down.
The Crown Estate, the UK’s largest commercial landowner, said the new partnership would seek “to enhance the shopping experience and retail mix at the Westgate Centre”.
The partnership follows an announcement that the two companies would work together on a shopping centre in Exeter.
James Cooksey, of The Crown Estate, said: “Westgate has the potential to significantly enhance Oxford city centre’s retail landscape and our commercial expertise and investment track record will help realise that. We are keen to work closely in the future with key stakeholders including the city and county councils, along with prospective retailers, in particular the John Lewis Partnership.”
The company said it was too early to suggest when new plans would be submitted or to provide a timetable for the Westgate development.
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