On completion, Parkway is set to provide a major boost to Newbury town centre with a new Debenhams store three times larger than the current premises; three large stores of up to 25,000 sq ft each and more than 50 shops and kiosks. The project also incorporates new restaurants and cafés, a 779-space underground car park and 184 new apartments.

The fund, and development manager Shearer Property Group, decided to start on site last year, despite the worsening financial climate. However since then a number of construction problems have meant that progress to date has been slower than expected.

These issues have now been resolved and good progress is being made on site with the steel frame for Debenhams’ new state-of-the-art department store now almost complete and the excavation of the basement car park well underway.

But rather than pressuring the contractors to make up lost time, Standard Life has taken the decision to open Parkway in Spring 2011.

Development director Mark Watt explains: “The very complex ground preparation works for Parkway are now complete and while they have caused delay to the project, excellent progress is now being made on site, most visibly on the new Debenhams department store.

“Given the economic environment, we always anticipated the majority of the scheme’s leasing activity would occur in 2010. The economy is now showing early signs of recovery although there is still some way to go and we believe the revised opening date will have a positive impact on both retail leasing and sales of the residential element.”

Letting agents are Strutt & Parker and Jones Lang LaSalle.