LXB Retail Properties has obtained a resolution to grant planning permission for the construction of the Banbury Gateway retail park, at Wildmere Road on the northern edge of Banbury.
The site was acquired by LXB, subject to planning permission, form motor sports company Prodrive in September 2011. Prodrive wants to relocate to a larger site in Banbury that LXB is selling to it. Feasibility of the move depends on the retail development at Wildmere Road.
Construction of the new retail park will involve demolishing the existing buildings on the site and putting up a 295,000 sq ft of new shopping space. Under the plans, there will be 10 retail and three restaurant/cafe units, including a 100,000 sq ft Marks & Spencer anchor store.
The council’s resolution to grant planning permission is subject to a number of the usual planning and construction conditions and the signing of a S.106 agreement.
Allowing for Prodrive's relocation, LXB expects to start on site in summer 2013 with Practical Completion in the second quarter of 2014.
Opponents to the scheme have voiced concern that the development could be bad for Banbury town centre if major retailers move to the new out of town development.
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