The £75m regeneration of St. Austell town centre has been given the green light after the South West of England Regional Development Agency (SWERDA) and David McLean Developments signed an unconditional agreement.
David McLean Developments is investing £43.5m in the project with the remaining amount coming from SWERDA. The deal legally commits the agency to part-funding the scheme and the developer to building it and providing the rest of the funding.
Richard Dean, managing director of David McLean Developments, said: ‘This agreement is a milestone in the regeneration of St Austell and formalises the commitment that we and the RDA have had to this project since day one.
‘With contracts now signed we will soon be in a position to announce some of the exciting new retailers that we have lined up to take space in the new development.’
The deal clears the way for the demolition of the Town Centre cinema to make way for a new four-screen cinema.
The scheme will take two years to build and will comprise new shops, bars, cafés and restaurants on three levels, a 550-space underground car park and 70 apartments.
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