This morning the council revealed that it had secured a commitment for £250m of private investment to replace the Crompton Place Shopping Centre on Victoria Square, with a landmark retail and leisure scheme.

The development is being led by a new private consortium called Bolton Regeneration Limited, which is made up of the Department for International Trade, the Greater Manchester Combined Authority and is being led by Midia, an investment and development specialist.

BCEGI is expected to confirm it is joining the consortium this autumn.

The Chinese construction group is an equity and construction partner in the £1bn Airport City project at Manchester Airport and the preferred contractor for the new £1bn Salford mixed-use development, Middlewood Locks.

Bolton council’s cabinet gave approval for the replacement of Crompton Place and the implementation of the Bolton town centre development framework earlier this month.

Bolton Council’s Masterplan contains proposals to transform the town centre by creating 1,800 new homes, and £412m of extra economic activity.

It is focused on five key areas: Crompton Place; Trinity Quarter; Cheadle Square; Church Wharf; Croal Valley/Central Street.

The council has already agreed to borrow £100m over a 50-year period to kick-start different development schemes, using a very low interest rate loan, paid back using annual dividends from Manchester Airport and the Yorkshire Purchasing Company.

Leader of Bolton Council, Councillor Linda Thomas, described the investment by BRL as a “huge opportunity” to transform Bolton town centre.

She added: “It enables us to move forward with the delivery of our masterplan and will act as a catalyst for other developments across our borough.

“I look forward to being able to make further announcements about the investment later in the year.”

A spokesperson from Midia said: “This investment is a fantastic opportunity for one of Greater Manchester’s largest towns to establish itself as major player within the Northern Powerhouse.

Midia has extensive experience in partnering with public sector organisations and we look forward to working closely with Bolton Council to deliver a programme of regeneration that secures long-term economic growth for the town.”