The £75m Church Wharf transformation scheme will include a hotel and more than 400 new homes delivered in stages over a four-year period.

The local authority previously acquired land and properties backing on to Bank Street and Manor Street before carrying out demolition and enablement works.

Bolton Council said that the sale of the land reflected the valuation of the site, taking into account the challenges and financial risks associated with brownfield developments of this type.

Watson was selected out of five interested developers who were assessed on the basis of the deliverability, sustainability, and the social value of their proposals.

As part of the agreement, the council will take a share of any profits once the development is complete.

“Plans to regenerate Church Wharf were first put forward in 2008, but the nature of the site meant potential developers could not be sure of making a profit,” said Bolton Council leader Nick Peel.

“This is exactly why we established the £100m town centre master plan, to close this viability gap by acquiring and clearing sites ourselves before working collaboratively with the private sector to bring forward projects that will benefit everyone in Bolton.

“Without interventions of this type, the regeneration of our town centre would simply not have been possible.

•   The Finance Professional Show 2023: The Video
•   Harworth on track to hit £1bn EPRA NDV
•   241-home Persimmon development given go ahead

“This agreement means work can start quickly, unlocking £75m in construction spending, creating jobs and new homes, while also securing the council a share of any eventual profits.”

An independent economic impact assessment has forecast the project to result in £75m of direct spend in construction, create 1,500 jobs, and add £64m of gross value to the Bolton economy.

Rob Watson, director at Watson, commented: “We are pleased to have agreed terms with Bolton Council for the purchase of Church Wharf, a project central to the regeneration masterplan of Bolton.

“We are active members of the Bolton community and fully committed to making long-lasting positive change for current and future residents by creating this town centre neighbourhood.

“We are now moving forward towards submission of our planning application and hope to begin work as soon as possible on this fantastic development.”

Church Wharf is one of six intervention areas under Bolton Council’s regeneration masterplan.

Bolton Council deputy leader Akhtar Zaman, added: “As shopping habits change, we are reimagining our town centre with the right mix of residential, hospitality, leisure, employment, and retail offer.

“Not only does this deliver much needed new homes, but our focus on repurposing brownfield sites has protected our borough’s precious greenbelt from development.”

The Church Wharf scheme is being supported by the Greater Manchester Combined Authority Brownfield Housing Fund.