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Waltham Forest Council and St Modwen Properties PLC have signed a development agreement for the regeneration of the former Arcade site in Walthamstow.

The agreement is conditional on planning consent being gained and will result in a £50 million mixed use development comprising 76,965 sq ft of shops, a nine-screen cinema, private and affordable homes being delivered on the site.

Now that the development agreement has been signed St Modwen Properties will undertake its detailed design work for the scheme with a view to submitting a planning application later this year.

Nick Kay, development director of St Modwen, said: “We have a very exciting scheme which will be the catalyst for further regeneration in Walthamstow town centre. We are already in detailed negotiations with operators for both the anchor retail store and the cinema.

“We successfully unveiled our conceptual scheme to the public last September. Further comprehensive consultation will be undertaken in the Spring.There is a possibility that we could be on site as early as the end of this year.”

Waltham Forest Council¹s Cabinet Member for Enterprise and Investment, Cllr.

Terry Wheeler, said: “This is a tremendous start to the New Year for Walthamstow and I am delighted we have signed this development agreement.

“I look forward to seeing the detail design work for this crucial gateway development and moving into the next stage of this vital scheme.”

Mason Owen (Stephen Wrather 0207 224 4151) has been retained by St Modwen to let the shops and cinema .

For further information contact Nick Kay of St Modwen (0207 4995666). Issued by Paul Raymer of Howle Chapman Raymer (0121 313 1000).