Plans for £22m retail makeover

A computer-generated image of new open air shopping centre street

Part of Oxford city centre could get a £22m retail makeover under plans submitted to the council.

The Queen Street area would be refurbished with a new open air shopping centre leading from the St Aldates Tavern archway.

The site would include nine new shops, office space and student accommodation located above the retail space.

Private equity firm The Carlyle Group said it was committed to the project despite the credit crunch.

The scheme will be split into two phases, starting with an eight-month area refurbishment programme before the existing council offices at St Aldates Chambers are demolished to make way for the new shopping area.

Mark Harris, director at The Carlyle Group, said the designs were sympathetic to the local architecture.

"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," he said.

"We have already seen considerable interest from potential tenants for this project."

Construction could start early next year, subject to planning approval.