UK REIT Land Securities and the British monarch’s real estate vehicle, The Crown Estate, said on Monday that they are starting work on their £440 mln (€592 mln) Westgate Oxford shopping centre redevelopment in the UK.

UK REIT Land Securities and the British monarch’s real estate vehicle, The Crown Estate, said on Monday that they are starting work on their £440 mln (€592 mln) Westgate Oxford shopping centre redevelopment in the UK.

The announcement follows over four years of preparation, public consultation and the approval of a reserved matters application by Oxford city council. It also coincides with several leasing commitments from national and international retailers including H&M, Superdry, Schuh and Goldsmiths, the partners said in a statement.

The development is now 28% pre-let.

'Today we've taken a significant step towards creating our vision for a world-class retail and leisure destination in Oxford, having worked hard with our customers and the community to shape the right scheme,' said Robert Noel, CEO of Land Securities.

The new 800,000 sq ft (74,300 m2) retail and leisure scheme in the heart of Oxford city centre is due for completion in autumn 2017. The development will see the existing Westgate scheme in the west end of Oxford transformed to include over 100 new stores, 25 restaurants and cafes, and a boutique cinema.