Preston City Council has agreed a funding package to support plans for a multi-million pound cinema and leisure complex.

The new development, called 'Animate', will be located on the site of the former indoor market and will feature an eight-screen cinema and bowling alley along with five new restaurants and bars, a street-food hub, a car park, and new public square.

The scheme will bring growth and development to the city centre as well as bringing in over £7million of extra economic activity every year while creating 125 full time equivalent jobs.

Councillor Matthew Brown, Leader of Preston City Council, said: "This is a really positive step forward in our plans to bring this exciting development to Preston. The new development will breathe life into the city centre and reinforce the Harris Quarter as a premier cultural and leisure destination in Lancashire.

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"It is also an important step in our Community Wealth Building agenda as this asset will be publically owned meaning the benefits will be enjoyed by everyone in Preston.

"Developments like this show that we remain ambitious in our plans to develop the city centre and bring investment and jobs to the people of Preston supporting our local economy as we recover from the pandemic. This development will appeal to a range of people in the city and we're very excited it is moving closer to fruition."

The announcement comes after Councillors voted to approve a Development and Funding Agreement (DFA) for the 'Animate' scheme which is being developed by the council in partnership with Maple Grove Developments, part of the Eric Wright Group.

Under the DFA, around £3.5m for the development will come from Preston's £20.9m Towns Deal, a further £3.25m from the Preston, South Ribble and Lancashire City Deal, and the remainder from Preston City Council. The land and buildings will be owned by the council and leased to the site operators.

Confirmation of the DFA means a final public consultation on the proposals can now get underway ahead of a planning application in the autumn.

Negotiations with anchor operators for the cinema and bowling alley are at an advance stage, alongside strong interest for the restaurant units.

Subject to planning permission being granted, it is anticipated construction work on the project could begin in 2022 with the complex opening in spring 2024.