Westgate Shopping Centre in Oxford bought for £56m

The redevelopment is scheduled to be finished a year late

The redevelopment of the Westgate Shopping Centre in Oxford has moved a step closer after the site was bought for £56m.

The Crown Estate, Britain's biggest commercial land owner, purchased the centre from current owners Capital Shopping Centres.

A spokesperson said the venture would "significantly enhance" retail city.

Original redevelopment plans were approved in 2006, but work was put on hold because of the economic downturn.

James Cooksey, from The Crown Estate, said: "Westgate has the potential to significantly enhance Oxford city centre's retail landscape and our commercial expertise and investment track record will help realise that potential.

"We are keen to work closely in the future with key stakeholders including the city and county councils, along with prospective retailers, in particular the John Lewis Partnership."

John Lewis property director Jeremy Collins said: "This is positive news for Oxford city centre and we look forward to working closely with partners and the council to bring our John Lewis department store to fruition."

The new centre is due to open in 2012.