Banbury: Regeneration of town hinges on council investment

The future regeneration of Banbury town centre is set to be led by Cherwell District Council after it revealed plans to purchase Castle Quay shopping centre and deliver the planned CQ2 development.

At a press conference, Tony Ilott, Cherwell’s lead member for finance, council leader Barry Wood and Lynn Pratt, Cherwell’s lead member for estates and the economy, outlined the proposals as part of a wider vision to invest and redevelop key sites in the town centre.

The announcement follows the decision by the proposed developer to no longer bring forth the new cinema, supermarket, hotel and restaurants that had previously been planned as part of CQ2. 

Ilott said: “As a council and as community leaders we are committed to investing in the town centre and doing everything we can to create a thriving economy. The new development at Castle Quay has been highly anticipated and if not delivered would be a massive blow to residents and businesses. We have therefore taken the decision to proactively explore all possible options to secure the future of this development. 

“Across Banbury we are investing in key sites to regenerate the town centre, which will include new apartments at Crown House and the redevelopment of Bolton Road and Canalside. If we are able to purchase Castle Quay and bring forth CQ2, we would be able to deliver a more coordinated approach to improving the town centre that ensures the sites complement each other and our overall vision for Banbury.”

Cherwell currently has a 15% stake in Castle Quay but would look to increase that to 100% if the deal was to proceed. As part of its business plan, Cherwell would review the current design of Castle Quay to front it towards the canal and consider increasing the size of existing units to meet current retail demand.

Ilott said: “If we were to purchase Castle Quay we would be able to provide much needed investment which can’t be guaranteed by the existing or a third party owner. We would also be in a position to take control of negotiations with potential new businesses and work with existing retailers to ensure the old town and precinct work together to inject new life into the centre and increase footfall for everyone.”

As part of the purchase, Cherwell would also look to deliver the CQ2 development comprising a hotel, seven screen cinema and supermarket as well as six restaurants, a kiosk and increased parking spaces. Aberdeen Standard Investments, which currently owns Castle Quay, received outline planning permission for the development in October 2016, to build on land adjoining the canal and on the site of the former Spiceball Leisure Centre.

Discussions around the acquisition are still in the early stages and will be subject to a full scrutiny process prior to a final decision being made on December 18.