Stoke on Trent City Council and Advantage West Midlands have agreed with Midland & Regional the heads of terms for the development agreement for Stoke City Business District, it was confirmed this week.

Under the plan, Midland & Regional will redevelop Stoke City centre in a 650,00 sq ft office led scheme. The value of the project could top £150m.

Neil Hobday Managing Director Midland & Regional said: ‘There is no doubt Stoke is set to start achieving its potential and recovering its position as a major player in the UK economy and we are delighted to have the opportunity to play our part in that process and hope to start on site towards the end of the year inorder to deliver completion of Phase 1 in Spring 2009.’

The developer said there had been no new commercial space developed in Stoke City Centre for decades and that there was growing occupier interest from corporate occupiers in the telecommunications, consultancy, financial services, hotel, health and fitness and conferencing sectors.