Commenting on the signing, Emma Webster Chairman of the Council's Newbury Town Centre Task Group said, "The agreement now binds all parties together to take the project forward. The next step will include the submission of a planning application and preparation for compulsory purchase of the site.

We still remain on track for commencing the construction mid 2007 with the new shops opening for business by Christmas 2009."

She added,"The project is a 'win-win' for the local community, it brings much needed new shops to the town which we know from our own surveys are in the 'top ten' of local requirements. With that comes new jobs and greater footfall from which all local retailers should benefit. At the same time the Development will also provide the Council with additional income."

One of the early benefits of the scheme will be the enhancement of Northbrook Street which is due to commence in the New Year. The new scheme will complement the future Park way Development as well as linking in with other enhancement schemes to the south of the canal. The work is being paid for by Standard Life.

Guy Shearer of Shearer Property Group commented, "The signing of the Development Agreement with West Berkshire Council is the culmination of three years work. It marks the 'real' beginning of this important development which will create a thriving new heart for Newbury, helping stem the flow of shoppers to the competing towns of Reading and Basingstoke. The renaissance of Newbury starts here!"

Mike Hannigan Investment Director at Standard Life Investments added, "This is a very exciting development which will enhance the retail opportunities in Newbury greatly and provide benefits for both residents and retailers. We look forward to working closely with West Berkshire council on this project and seeing it brought to life."