Pangbourne developer Blue Investments, which spent 18 months assembling the land before council officials distanced themselves from the firm, did not make the final three after a huge bidding war ended last week.

After 43 expressions of interest, and 14 firm bids, council sources confirmed yesterday that Slough Estates, Ing Property and Shearer Property Group – backed by Standard Life – have been shortlisted.

They will be taking soundings from local traders and businesses in the next few weeks, before presenting detailed schemes to West Berkshire Council on November 9. The council will then announce the winner before Christmas.

In the meantime, council lawyers are expected to make a compulsory purchase order on Blue Investments’ land, which Blue – formerly Sainsburys property arm – has vowed will take at least five years. New fast track planning reforms could speed this up though.

The centre is expected to be packed full of national retail chains to entice younger shoppers back from the American-style malls in Reading and Basingstoke. All three are understood to have pre-let agreements from names like British Home Stores, Top Shop and Miss Selfridge.

The three car parks in Park Way will all be used in the scheme, so a multi-storey car park will built above the centre.

However, as much of the land is on the site of Jack of Newbury’s weaving empire, archaeologists expect to unearth some interesting artefacts. So the council is amending the brief tonight, and the scheme could be held up further by a major dig.

Furthermore, councillors could demand that any building remains are left on the site, and built around.