Standard Life Investments - Mixed-Use Development - Newbury, Berkshire

Date: 28 Aug 2008

Three years after being selected by West Berkshire Council as its Development Partner, Standard Life Investments and its development manager, Shearer Property Group, have gone unconditional on the Development Agreement and will now proceed with construction of the Parkway development in Newbury, Berkshire.

Following the granting of planning consent in April 2006 and confirmation of the CPO in October 2007, Standard Life Investments and Shearer Property Group have been undertaking a thorough review of the project's viability whilst at the same time advancing the pre-letting campaign and driving efficiencies to improve the project's viability. Now satisfied on both fronts, Standard Life Investments has awarded the building contract to Costain Limited and a two year construction programme will commence in October 2008.

Commenting, Mike Hannigan, Investment Director at Standard Life Investments said: "The development will significantly improve the retail, residential and leisure environment in Newbury Town Centre and will deliver an asset of exceptional quality positioned for growth in a town underpinned by strong demographics."

"In committing to the project at this point in the cycle we have secured very competitive pricing in a number of areas and this will allow us to deliver the development as the market begins to return to a growth cycle in 2011." concluded Hannigan.

Guy Shearer of Shearer Property Group added: "In the current economic climate, this is an extraordinary achievement.

"Newbury has wanted this scheme for 20 years, so we are delighted to be part of the team that will finally deliver this Vision for the town. Parkway will be one of very few schemes to open in 2010, by which time it will be much sought after by the retailers." concluded Shearer.

Artists impression of the Parkway development in Newbury, Berkshire.