The Old River Lane site development agreement paves the way to draw up a detailed masterplan for the 4-acre site.

Expected to cost over £70m to build the development will include scheme will include 145 new homes, alongside nearly 40,000 sq ft of retail and office space.

A new internal road, accessed from Link Road to the west of the site will provide a new access point into the existing Waitrose car park.  The intention is to alleviate traffic flow on Old River Lane and provide access for residents of the new development.

Cityheart will be working with Kier Construction,  architect Howells and M&E consultant Ridge to bring forward plans.

Andrew Sanderson, development director at Cityheart, said: “Our multi-faceted redevelopment of the Old River Lane site will breathe new life into the centre of Bishop’s Stortford.

“Working together with our development partners, East Herts District Council, we are collaborating with a highly experienced project team to make the most of this key site.

“We look forward to finalising our masterplan and getting spades in the ground.”

East Herts District Council will be funding an extensive new public realm south of the site to anchor the overall scheme. The public realm works would be undertaken by Cityheart on behalf of East Herts District Council and delivered at the same time as the rest of the development works to minimise disruption.