Councillors have been handed the keys to Plymouth's historic Devonport Market Hall in a deal to restore the landmark building and create a fantastic future as a high tech 'play market'.

Plymouth City Council, local regeneration agency Real Ideas Organisation (RIO), and Plymouth University have joined forces in a project that will put digital gaming into the heart of a regenerated Devonport.

The Council is now the owner of the derelict market hall after the Homes and Communities Agency (HCA) formally transferred its ownership to the council and provided £2.5m to help with the cost of taking on and renovating it.

Once restored, it will be home to the university's Institute of Digital Arts (i-DAT), and there will be a 'hatchery' for new firms, a testing ground for established companies and a unique visitor attraction. RIO has developed a business plan for the play market which aims to entice a new generation of researchers and would-be designers from schools around the city as well as local and international students at the university looking to develop their work.

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Council leader Tudor Evans said: "This is a social enterprise city in action. It's a risk for us to take on this building in difficult economic circumstances, but not only are we working together to bring this building back to life, an incredible future for the hall and for those who live around it is now on the horizon.

"It's exciting, it's a bit edgy, it's creative and it's helping our young people develop skills in a creative industry that globally is worth £53bn. Devonport is changing daily. New homes are changing its landscape and this is an exciting time. Through this building and this project, we will transform lives."

Steve Jackson, HCA Area Manager added: "This agreement builds on the positive progress being made in Devonport which has been transformed with new homes and investment in recent years. The Market Hall can play a key part in the future of Devonport in a real and vivid way, with local people at the heart of this transformation.

"The council deserves credit for having a clear vision for the site, which we strongly support. Our investment demonstrates our commitment to the importance of the building, which has not progressed in recent years because of the economic downturn."

(CD)