Following its decision to withdraw from retail development and sell most of its retail portfolio to Land Securities, Slough Estates has withdrawn from the competition to develop a key site at Newbury, Berkshire.

The company had been shortlisted along with ING Real Estate and Shearer Property Group/Standard Life Investments for the 5.7 acre (2.3 ha) Park Way scheme at Newbury town centre, where West Berkshire Council wants to see about 270,000 sq ft (25,000 sq m) of retail space anchored by a department store.

The council has invited Taylor Woodrow Developments and Simons Developments to join the shortlist. A final decision is expected in early 2005.

Last month, Slough confirmed it was negotiating a property swap with Land Securities. Slough will relinquish its£530 million of retail assets, including Buchanan Galleries in Glasgow and the Lewisham shopping centre in southeast London, in return for Land Securities’£350 million industrial portfolio. The negotiations are focusing on the balancing payment.