The agreement paves the way for ECF – the joint venture between Homes England, Legal & General and Muse – to lead the long-term transformation of the 25-acre town centre site.

The plan includes hundreds of new homes, shops, restaurants, and a major new public square featuring an outdoor amphitheatre. It will also bring back into use sites including the former bus station, the Corn Exchange, and Belgrave House.

Greyfriars Regeneration masterplan drawn up by Studio Egret

Construction work could support up to 7,000 full-time equivalent jobs and pump an extra £21m a year into the local economy once completed.

Cllr James Petter, cabinet member for local economy, culture and leisure, said the deal was “a real coup” for the council and added: “The plans respond directly to public feedback and will unlock a site that’s been derelict for a decade.”

Sir Michael Lyons, chair at ECF, said: “We’re ready to move at pace to deliver a masterplan that brings new homes, workspaces and public spaces to the heart of Northampton.”

Community consultation will now begin ahead of a planning application.