Over the next 20 years, the newly-named 200-acre Locking Parklands site will become home to huge residential and commercial development with 450,000 sq ft of office space.

The agreement signed this week means work on the first 100 homes will start in the spring.

St Modwen’s South West regional director Rupert Joseland said: “In the current climate, we are delighted to have secured funding to progress this important scheme and are working closely with the HCA to create a sustainable mixed-use community with a library, schools and leisure facilities to benefit the wider community for years to come.”

The HCA’s regional head David Warburton added: “It’s great news that work to transform Locking Parklands is set to start after Christmas.

“Locking Parklands is a key priority for us and our local partners, because of the wide range of benefits it delivers, including new homes, job opportunities and space for businesses.