The Crown Estate this week pledged itself to creating a high-quality shopping centre in Oxford, after exchanging contracts with Capital Shopping Centres to buy the Westgate.

The company said its role in transforming Regent Street, London, showed that it had the resources and commitment to deliver the long-awaited new Westgate.

“If anyone can make it happen, I believe we can,” said James Cooksey, head of central London and diversification at the Crown Estate. “If people look at our record in central London, they will see that.”

Mr Cooksey said the company would seek to give the redevelopment fresh momentum by creating a working party to establish the kind of shopping centre that Oxford wanted.

He said: “We have not yet completed the purchase. Once we do, we intend to start a working group with key stakeholders to review the current planning consent and the viability issues in terms of how we can proceed with the redevelopment.

“What we are not able to do is to commit to any timetabling. But what is key is that the Crown Estate is committed and confident that a viable scheme can be found. We are a fresh pair of eyes.”

Discussions have already taken place with the John Lewis Partnership, which has repeatedly committed itself to opening the flagship store in a redeveloped Westgate.

Mr Cooksey said: “John Lewis has been positive about the Crown Estate acquisition and we would love them to be the key anchor for the shopping centre.”

The £330m development plan proposed by Capital Shopping Centres is now expected to be substantially scaled down. But the Crown Estate says it will not readily abandon the current design concept after years of work.

Mr Cooksey said: “We are excited about improving the shopping experience and the existing retail mix. We see Oxford and the Westgate as an exciting opportunity. It is one of the best city centres in the UK market, with strong demand from retailers wanting to come into the city.”

Oxford City Council leader Bob Price said: “It won’t look exactly the same as the previous plans, but it will have the same elements. There’s likely to be fewer things, rather than more. They will probably take things out to make development easier and the site more commercially viable.”

The Crown Estate has a property portfolio valued at £6bn. Historicially, the possession of the crown, the Crown Estate is no longer the private property of the reigning monarch. The surplus revenue from the estate is paid each year to the Treasury.

Meanwhile, Christ Church this week reaffirmed its commitment to the city council’s vision of creating a major city gateway area at Frideswide Square, Oxford, although the scheme could be between five and ten years away.

The redevelopment of Frideswide Square is viewed as a key element in the regeneration of the city’s West End. Christ Church, which owns the site, is hoping to transform the site with a mix of shops, restaurants and housing.

A £100m scheme was hit by the recession, when the developer chosen by Christ Church for the redevelopment was placed in administration.

But the college said it had no intention of selling the site “piecemeal”.