David McLean Developments and South West of England Regional Development Agency have exchanged contracts for the £75m redevelopment of St Austell town centre.
The scheme will include 155,000 sq ft of new retail on three levels, 20,000 sq ft of A3 use, a new four-screen cinema, a 550-space multi-storey car park and 70 apartments.
Unit sizes range from 1,560 sq ft to 40,000 sq ft.
The agreement allows an existing cinema to be demolished and a new cinema to be built by autumn 2008.
The RDA is investing a total of £31.5m in the project, with the rest coming from David McLean Developments.
Richard Dean, managing director of David McLean Developments, said: “With contracts now signed we will soon be in a position to announce some of the new retailers that we already have lined up to take space in the new development.”
Agents CB Richard Ellis,
