Fenwick, one of the UK’s oldest department store chains, is set to open its first new store in more than 10 years.

Fenwick is in talks to open a store in a new Bracknell shopping centre as part of a £750m development by Legal & General Property and Schroders.

The store is expected to open in 2016 when the shopping centre launches, 13 years after Fenwick opened its last shop in Canterbury, according to the Independent.

It will be a rare addition to the retailer’s property portfolio. Fenwick currently operates just 11 stores, which includes its New Bond Street flagship store.

Fenwick is still wholly owned by the family who founded the chain in Newcastle 131 years ago. It is run by chairman Mark Fenwick, great-grandson of the founder. The family is estimated to be worth £473m.

The new shopping centre, which is being let by agents Lunson Mitchenall and CBRE, has already attracted a number of retailers, including Marks & Spencer.

Legal & General Property and Schroders declined to comment on Fenwick’s new store.