Joint venture between Land Securities and the Crown Estate, Westgate Oxford Alliance is preparing to start work on its £440m Westgate Oxford development in the UK.
Preparatory works on the new 800,000ft² retail and leisure destination in the heart of Oxford city are expected to commence immediately with construction set to start early this year.
The city centre scheme is intended for completion by developers in late 2017.
As part of the project, the existing Westgate at the west end of Oxford will be transformed to include more than 100 new stores, 25 restaurants and cafes, a boutique cinema, rooftop terrace dining, as well as a wealth of new public spaces.
Land Securities CEO Robert Noel said: "Today we've taken a significant step towards creating our vision for a world-class retail and leisure destination in Oxford, having worked hard with our customers and the community to shape the right scheme.
"Alongside our growing list of customers, we are committed to creating a new Westgate Oxford, which not only complements the city's beauty and heritage status but also enhances its global reputation as a great place to spend time."
Crown Estate investment and asset management director Paul Clark said: "This significant milestone underscores our commitment to this ambitious redevelopment, which will totally transform the retail and leisure experience in Oxford and stand out as one of the best schemes of its kind in the UK."
Expected to generate up to 1,000 construction jobs, the new shopping centre development will see the opening of a further 3,400 retail positions.
Westgate Centre was acquired by Westgate Oxford Alliance from CSC in 2010.
Image: The Westgate Oxford development. Photo: courtesy of Land Securities Group.