The site is currently occupied by a car park and Bedford Borough Council’s offices, which are due to be vacated this spring.

Denne and Coplan are working with architects, PRP to develop proposals for the site, including a seven screen cinema, 150 bedroom hotel, 30,000 square feet of retail and restaurant space and 150 high-quality residential units.

Detailed discussions are currently underway with a potential cinema operator with planning permission expected to be applied for in the summer of 2012.

Graham Brown, Managing Director of Denne, said: “We look forward to working with Coplan and the local community to progress these proposals and maximise the opportunities this project presents”

Mayor of Bedford, Dave Hodgson said: “This high profile site offers a fantastic opportunity to deliver real regeneration for our town centre.

“We are working hard alongside Coplan/Denne to bring forward the scheme and make the most of this unique town centre riverside location for Bedford.”

Coplan and Denne are also the preferred development partners for the £50m mixed use redevelopment of a council owned car park within the heart of Herne Bay for Canterbury City Council.