The proposed scheme will make the city the second biggest shopping destination in the West Midlands and includes restaurants, retail units, a cinema, hotel and residential accommodation.

It’s hoped that the project will rejuvenate areas of Coventry such as Bull Yard, Shelton Square, City Arcade and Hertford Street.

The development is scheduled for completion by 2022 and will connect the popular circular market with the rest of the centre.

The scheme is expected to bring around 1,500 permanent jobs to area and a further 2,000 during construction.

Councillor George Duggins, leader of Coventry City Council, said, “…We are delighted that Shearer Property Group is ready to continue the work it has already started at Cathedral Lanes and bring in more well-known brands to really put Coventry back on the map. 

“The whole scheme will be anchored by a new department store, which will be built at the end of Market Way, making it a real city landmark.

“Clearly securing the quality of this main store is vitally important – but we are confident that Shearer Property Group will get this right.”

Guy Shearer from Shearer Property Group said: “We are thrilled to have been chosen by the city council to deliver this vitally important regeneration project.

“This site lies in the very heart of the city centre and is huge by any standards – about the size of 10 football pitches.

“It finally provides the opportunity to deliver a transformational scheme that will put Coventry back on the map as a retail and leisure destination.”