This follows expert independent advice that the deal represents a sound long-term investment for taxpayers, while creating conditions to accelerate regeneration in a strategically important part of the city centre.

County council bosses say this also supports a consistent approach to redeveloping the west end of the city, sitting alongside the reimagining of County Hall as a hotel, and wider redevelopment under way around the railway station.

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In 2005, the council decided to sell a long-term lease for Castle Quarter to enable major investment in a site that had previously operated as a prison for many decades.

That investment transformed the site and brought new activity into the city centre. Since then, the mix of uses at Castle Quarter gradually evolved until the site was snapped up by the Westgate Oxford Alliance in 2016.

While some elements, including Malmaison Oxford hotel, continue to perform strongly, others offer scope for further investment, according to the council, particularly given the site’s location close to the railway station, and Westgate Oxford.

County councillor Dan Levy (Image: Oxfordshire County Council)

Dan Levy, the county council’s cabinet member for finance, said: “This is an exciting moment for Oxford city centre, but it is not a decision the council has taken lightly. We have carried out thorough due diligence and sought expert advice to make sure the risks to the taxpayers and the county council are low while the prospects for real benefits are high.

“When the opportunity arose to purchase the lease, we looked closely at the financial, legal and commercial implications. The clear conclusion was that returning the lease to the county council as the existing freeholder was the right decision, with good prospects for both the city centre and public funds.”

As existing freeholder of Castle Quarter, the council took the opportunity to purchase the lease when it became available.

Following careful consideration and having taken advice from legal, financial and property experts, it was determined that the deal represented “an exceptional opportunity”.

Malmaison Oxford hotel at Oxford Castle Quarter (Image: Andy Ffrench)

Mr Levy added: “Combined with the transformation currently under way in and around the railway station, this creates an opportunity to refresh and boost the Castle Quarter and support positive change to the western approach to the city centre.

“The site is very close to Westgate, the city centre attractions, the railway station and the new hotel that will replace County Hall. The ingredients for success are clear to see and there is excitement about the change that can now begin to be delivered.

“We are operating in a challenging financial environment and so it’s really important the council makes prudent, well evidenced decisions.

“This decision allows the county council and a successor council or councils after local government reorganisation to influence very positive change in the city centre while delivering a strong financial return to support the delivery of frontline services.”

Oxford Castle Quarter (Image: Andy Ffrench)

Castle Quarter features Oxford Castle & Prison, Malmaison Oxford, Kelpie Coffee, Namaste Village Oxford, The Slug and Lettuce, the Swan & Castle, and The Key Learning Centre.

In February, it was announced that Oxford Unwrapped is preparing to bring four new visitor attractions to empty units at the site off New Road,

The Trevor Osborne Property Group developed and owned Oxford Castle Quarter from its opening in May 2006 until 2016.

It’s the 20th anniversary of a visit by the Queen who arrived to welcome the relaunch of the Castle Quarter.

The site was then purchased by the Westgate Oxford Alliance (a joint venture between Landsec and The Crown Estate) for £47.2m in 2016.

Oxford Castle Quarter went on the market last year for offers in excess of £30m.

A £60m scheme to transform County Hall buildings into a stunning boutique hotel is being led by Reef Origin, which previously converted the former Boswells department store into The Store hotel.

The space outside Donnington Doorstep, a family centre, and Donnington Community Centre, has been transformed into a garden for all.

Led by Earthwatch Europe and Donnington Tenants and Residents Association, the project saw the installation of four raised planters.

This includes dedicated herb bed, a picnic bench and additional seating at the centre, creating a welcoming and accessible environment for the community.  

The uplift was marked with a community planting day on 17 April, where various herbs, vegetables and fruits were planted.

Residents of all ages took part, including children from mothers and toddlers groups, who took home sunflower seedling to nurture at home.

Melanie Mendonca, local resident and member of Donnington Tenants and Residents Association, said the project has already inspired local involvement.

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She said: “A dedicated herb bed has been created for use by the Community Café at Donnington Doorstep and members of the Donnington 50+ Group have committed to helping maintain the planters.”

Funding for the project was provided by Earthwatch Europe, Oxford City Council and Oxfordshire County Council.  

Works were also undertaken to improve the nearby play area by upgrading play equipment and safety surfaces by Oxford City Council.

Susan Brown, current leader of Oxford City Council, said she was “delighted to have supported the creation”.

She said: “. The planting day was fantastic and shows how local nature spaces can make a big difference – growing fresh food, bringing people together and creating a space the whole community can enjoy.” 

Multiple police and fire service vehicles were seen yesterday afternoon (Wednesday, May 13) on the Eastern Bypass Road, near to Redbridge.

They were responding to reports that a person had fallen into the River Isis, the Oxford stretch of the River Thames.

An eyewitness who drove past the scene said: “Huge incident at Redbridge. Eleven emergency vehicles and people getting into river.”

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This morning police and the fire service have clarified what occurred.

A spokesperson for the fire service said: Oxfordshire Fire and Rescue Service was called at 15:40, sending three fire engines and a specialist rescue vehicle to eastern bypass, Isis bridge, after a report of a person entering the water near the bridge.

The River Isis, which runs through Oxford (Image: Matthew Evans)

“The individual was assisted out of the water. Oxfordshire Fire and Rescue Service departed at approximately 16:30.”

A spokesperson for Thames Valley Police said: “Yesterday afternoon, Thames Valley Police responded alongside our colleagues from Oxfordshire Fire and Rescue Service and South Central Ambulance Service to an incident on the Eastern Bypass.

“Emergency services were called following reports of a woman who had entered the river.

The Eastern Bypass Road crosses the River Isis (Image: Google Maps)

“Thanks to the swift actions and professionalism of our fire service colleagues, a rescue team was quickly assembled, and the woman was safely recovered from the water.

“We are pleased to confirm that she did not sustain any long-lasting injuries and received prompt medical attention at the scene.

Redbridge, nearby to the incident (Image: Matthew Evans)

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“In order to ensure the safety of both the public and emergency responders, a temporary single-lane closure was put in place on the bypass while paramedics provided care.

“We would like to thank members of the public for their patience and understanding while we dealt with this incident.

“Your safety remains our priority, and we appreciate your continued support.”