The Goods Yard plan will see the Swift House site, which is owned by the council, renamed and transformed with around 180 new homes, a 150-bed hotel, 25,000 sq ft of workspaces and 10,000 sq ft of retail and leisure space.

Cllr Abi Brown, leader of Stoke-on-Trent City Council, said: “We’ve seen so many positive and exciting developments in recent years but for me, this is the one that really grabs the headlines and will redefine the future of Stoke-on-Trent.

“There was a time in the past when we could only have dreamed of attracting an award-winning developer like Capital and Centric to come and work in the city, so I think it speaks volumes for how far we have come, our ambition and the direction we are moving in.”

The council has entered into a pre-construction partnership with Bowmer & Kirkland construction group, which appointed Capital & Centric as a development partner to work up detailed designs and secure planning consent.

That would pave the way for the scheme to be developed, which could potentially start as early as next summer and would take around two-and-a-half years to complete.

The council first put the site forward as a development opportunity at the MIPIM property and investment conference in 2018 and has been involved in ongoing discussions with development companies since then.

Tim Heatley, co-founder of Capital & Centric, said: “We’re super excited to be undertaking our first project in Stoke-on-Trent.

“We’ve got the opportunity to create something really special here that can transform this part of the city. This will be a new urban quarter, with design-led homes, a hotel, and spaces for local businesses to locate.

“We’re also looking to open the stunning basement vaults that sit alongside the canal up to the public, with maybe a waterside bar or restaurant.”