St Modwen and Waltham Forest Council have signed a development agreement for the regeneration of the former Arcade site in Walthamstow, north east London.

The agreement is conditional on planning consent being gained and will result in a £50m mixed-use development, comprising 76,965 sq ft of shops, a nine-screen cinema and private and affordable homes

St Modwen will now undertake detailed design work for the scheme with a view to submitting a planning application later this year. ‘We are already in detailed negotiations with operators for both the anchor retail store and the cinema,’ said Nick Kay, development director of St Modwen.

‘We unveiled our conceptual scheme to the public last September. Further comprehensive consultation will be undertaken in the spring. There is a possibility that we could be on site as early as the end of this year.’

Mason Owen has been appointed to let the shops and cinema .