Supermarket giant Sainsbury's has delivered a major boost to the future of Bicester town centre by upping its stake in a proposed £70m redevelopment.

Despite gloom over many of the nation's High Streets, the retailer is keen to press ahead with the scheme to provide a new superstore, cinema, shops, cafes, library and a 500-space car park.

In a joint statement issued with Cherwell District Council, Sainsbury's says it is aiming to get moving with the redevelopment as soon as possible in 2009.

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"We are committed to the development which will bring forward new jobs and investment for Bicester," said Sainsbury's Head of Property Development Chris Templeman.

"We have demonstrated this commitment to the project by increasing our stake in the scheme and we continue to work closely with all parties to finalise agreements so that we can deliver the scheme as quickly as possible."

Progress had been delayed last year because the economic downturn reduced the general availability of development finance.

However, a report to Cherwell Council's Executive next week sets out a new agreement to back Sainsbury's increased investment. The supermarket will effectively become the developer of the scheme by taking over the interest of the property company Stockdale. In return, the council is expected to grant Sainsbury's exclusive rights to pursue the project for the next twelve months.

(CD/JM)