Exciting news announced today that the expansion of Banbury’s Castle Quay shopping centre WILL go ahead thanks to intervention from Conservative-controlled Cherwell District Council.
Councillors backed plans for the Council to step in after proposed developer Aberdeen Standard Investments chose to withdraw from the project because of a company merger. The decision to proceed with the deal has increased the Council’s share in Castle Quay from 15% to 100% and they will now deliver the planned Castle Quay II leisure extension with an estimated £60 million investment.
“This investment clearly demonstrates the positive leadership of our District Council. Castle Quay II has been highly anticipated and will be a major boost to the town. The regeneration of our historic canal-side will make Banbury a unique consumer destination and a place the whole town can be proud of.” - Banbury Conservatives
Several big names have already committed to CQII including Lidl, The Light Cinemas, Nando’s and Zizzi’s.
Work is expected to start on site in summer 2018. The Council will not use taxpayers’ money to fund the project; instead, it will borrow the funds from approved lenders and pay it back through the rental income generated from the two sites.