Member Article

NewRiver granted planning consent for £56m mixed-use scheme

Property firm NewRiver REIT has been granted planning consent for a new multi-million pound regeneration development in Cowley, Oxford.

The London-headquartered investment company has been given permission to proceed with plans for a £56m redevelopment at Templars Square shopping centre, which will see the delivery of 226 new residential apartments.

Totalling 236,000 sq ft, the regeneration scheme also includes a new 71-bed budget hotel, two new restaurant units, new car marks and improvements to the public realm portion of the site as well.

According to the developer, the hotel and leisure part of the development is already 82% pre-let with Travelodge confirmed for the hotel alongside ‘good’ demand for the restaurant units.

Allan Lockhart, Property Director commented: “We are delighted that Oxford City Council has approved our proposals to regenerate the heart of Cowley town centre.

“We have been working alongside the council and local residents for over two years and, as a long-term investor in the community, we look forward to introducing new homes, a budget hotel, restaurants and jobs to the area, as well as revitalising our existing convenience-led shopping centre.”