Business
Chamber of Commerce supports Park Way proposals
21st April 2008
WEST Berkshire councillors are being urged by the Thames Valley Chamber of Commerce Group to approve a resubmitted application to revamp Park Way, Newbury.
The previously approved plans to create a shopping heartland in Newbury town centre have been resubmitted as Standard Life Investments - the financial backers of the scheme - now seek approval from West Berkshire Council to allow developer’s contributions to the town to be cut by £1.6m.
Despite this major reduction of funding, the Chamber says that without the Park Way redevelopment the town will remain derelict and Newbury’s long-awaited cinema plans will also fall through.
The Chamber is a membership organisation which promotes and lobbies for business development in the Thames Valley.
The president of West Berkshire’s Chamber Council Ian Vickerage said the development would not change the character of Newbury, but turn “a derelict eyesore into a visitor attraction”.
He said: “The Park Way development will greatly boost the town’s economy, not only bringing a wealth of much needed low skilled job opportunities to the town, but also putting Newbury firmly on the map as the region’s premier market town shopping and leisure destination.
“The future of Newbury as a shopping destination has been at risk for some time, following the growth of surrounding towns and the lack of appropriately sized retail space.
“The Park Way development will see the provision of retail space that is sensitive to, and will perpetuate, Newbury’s market town appeal, which the community is rightly proud and protective of.”
Under Standard Life’s new proposal, former plans to provide Newbury with 37 affordable housing units - already slashed from 56 units proposed in 2006 - have now been abandoned altogether. The £450,000 of funding for improvements to The Broadway would be axed, £700,000 of spending on Newbury’s open spaces would be reduced to £170,000, local road improvements would slide from £2m to £1.35m, education funding would drop from £687,000 to £210,000, healthcare funding would be slashed by 40 per cent to just £22,000 and the £10,000 for extra CCTV cameras is only 15 per cent of the original contribution.
On April 30, district councillors on the western area planning committee will be under pressure in relation to this do-or-die decision to agree to the latest negotiations.
The Newbury Weekly News recently learnt that a tender agreement between the developers and building contractors Costain will lapse within days of this meeting if the councillors do not approve the revised plans.
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