House of Fraser will occupy a landmark building fronting Lilys Walk and Desborough Road at a point where the new mall links into to the existing Octagon Centre. The new store is scheduled to open in 2007.

As well as retail and leisure areas, Project Phoenix will also incorporate public facilities, including a new public library, a relocated, modern bus interchange and new residential units. Stannifer was advised by King Sturge Retail.

At the same time, House of Fraser confirmed that it is to close its store in Inverness at the end of January 2004. John Coleman, Chief Executive of House of Fraser, said: "Securing this important site in High Wycombe is great news for House of Fraser as we continue to roll out our store portfolio development programme. The closure of our store in Inverness is in line with our strategy. The store will continue to trade through the Christmas period, closing at the end of January."