NewRiver Real Estate Investment Trust PLC has been given planning permission by Oxford City Council to regenerate the £56m shopping complex, Templars Square in Cowley, Oxford.
The 236,000 sq ft development will see 226 new residential apartments, a 71-bed Travelodge hotel, two new restaurant units, and modernised car parks.
NewRiver property director Allan Lockhart said, 'We are delighted that Oxford City Council has approved our proposals to regenerate the heart of Cowley town centre.
'We have been working alongside the council and local residents for over two years and, as a long-term investor in the community, we look forward to introducing new homes, a budget hotel, restaurants and jobs to the area, as well as revitalising our existing convenience-led shopping centre.'
The hotel and leisure element of the scheme was already 82% pre-let, having exchanged contracts with Travelodge last year, and the company said it had seen 'good demand' for the restaurant units from a range of operators.
Templars Square shopping centre has been at the heart of Cowley for more than 50 years, and was acquired by NewRiver in December 2012. It is Oxford’s largest enclosed shopping centre with brands such as Dominos, Greggs, Iceland, Boswells coffee shop, and the Co-operative.