The proposals include a 12-screen cinema, restaurant complex and 400 car park spaces.

A new coach hub would also be built to the west of the city centre at the Mayflower West End car park.

The new complex will help to restore the city centre and the historic Barbican and waterfront.

The plans have the backing of the city council, which will sell the dilapidated Bretonside bus station to the developer, which delivered the City’s Drake Circus retain scheme several years ago.

The schemes form part of a £50m transformation of Plymouth city centre unveiled by council leader Tudor Evans.

He said: “This is a company with a proven record of delivering in Plymouth and for Plymouth, and while it is early days this looks an incredibly exciting prospect.”