- NewRiver REIT confirms that Oxford City Council has approved its plans for a major £56m mixed-use development.

This development would regenerate Templars Square shopping centre, meet strong demand for new housing in the local area, introduce a budget hotel and create a much needed leisure quarter with a choice of restaurants.

The £56m development, which totalled 236,000 sq ft, would include 226 new residential apartments, a 71-bed budget hotel, 2 new restaurant units, modernised car parks and a major improvement of the public realm.

The hotel & leisure element of the scheme is already 82% pre-let, having exchanged contracts with Travelodge last year, and the Company has seen good demand for the restaurant units from a range of operators.

The regeneration forms a key part of NewRiver's 1.9m sq ft risk-controlled development pipeline, which the company believes will be a key driver of long term returns for its shareholders, and is in line with the company's strategy to capitalise on development opportunities in the air space above or adjacent to its existing assets.

Templars Square shopping centre has been at the heart of Cowley, Oxford for over fifty years and its future success is of great importance to the local community.

NewRiver has owned Templars Square since December 2012 and submitted a planning application in November 2016, following a comprehensive programme of council and community engagement.

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