The Old Market Square in Nottingham has beaten off stiff competition to scoop one of the UK’s top architectural awards.

The stunning development has won a prestigious 2008 Royal Institute of British Architects (RIBA) Award. The annual awards are given to developments that have high architectural standards and make a substantial contribution to the local environment.

Unveiled a year ago, Gustafson Porter’s reinvention of the Old Market Square – one of the oldest and largest public squares in the UK - used high quality materials, includes a stunning water feature and seating terraces, improves accessibility for all and enables the square to be used for a wide range of events, including the staging of the Nottingham Eye, the Christmas ice rink and large concerts such as the recent City Pulse festival.

Other 2008 RIBA Awards winners include St Pancras International Station, London; Wembley Stadium; Hilton Tower, Manchester, Heathrow Terminal 5 and BBC Scotland, Pacific Quay, Glasgow.

Councillor Alan Clark, Portfolio Holder for Neighbourhood Regeneration, said: "We are really proud of the new look Old Market Square and are delighted the development has been recognised by RIBA. The development of the Square has played a pinnacle role in Nottingham's regeneration and has given us the ability to stage large-scale events for all the City to enjoy."

The design excellence of the re-designed market square has been praised by the RIBA jury for the way in which the new layout provides a less structured and more inviting public space “which encourages people to make it their own and invites the surrounding shops, businesses and cafés to spill in to the square.” They said the Square is now “ a fluid inviting space. It allows the surrounding buildings both to complement each other and stand out for their architectural character.” The jury predicts that the timeless character and flexible design of the overall experience will endure.

Tony Parr, Chairman of the RIBA East Midlands, said: “It is exciting that such a large-scale project, which can be enjoyed by all residents of Nottingham, has won this coveted RIBA Award. It highlights the contribution architects can bring to every type of design project, including an important public space with origins that go back to medieval times.”