US private equity firm Carlyle Group has submitted a planning application for a £22m mixed-use scheme in the Queen Street area of Oxford city centre.
It plans a two-phased retail-led mixed use scheme to include a open air shopping area leading from St Aldates Tavern archway to Queen Street, providing a new pedestrian thoroughfare.
It will include nine new shops, 17,000 sq ft of office space and accommodation for up to 96 students located above the planned retail space.
The work will include a refurbishment of the exsting retail space at St Aldates as well as the demolition of council offices at St Aldates Chambers to create a new shopping area, office space and student accommodation.
The plans are expected to be considered by Oxford planning committee early next year.
Subject to obtaining all relevant permissions, the two year construction programme will commence.
The proposal has been drawn up in conjunction with AukettFitzroyRobinson architects.
Mark Harris, director and head of UK asset management at the Carlyle Group, said: 'We see this as an excellent opportunity to redevelop a prime part of the city centre and are committed to proceeding with these plans despite the current market conditions.
'Encouragingly, we have already seen considerable interest from potential tenants for this project; we have interest from the council with regard to their office requirements and are in advanced negotiations with two key potential anchor tenants for the retail space.'