The ambitious plan designed by Leonard Design Architects comprises 900,000 sq ft of mixed-use accommodation.

This will predominantly be retail and leisure led, but also includes over 200,000 sq ft of residential and office space.

Sheffield City Council has been assessing the best way forward for the retail quarter since ending a partnership with developer Hammerson in 2013.

It plans to part fund the scheme from the New Deal with Government to use tax incremental financing.

It is anticipated the retail development will be fully complete in 2021 with the initial phase opening for trading by the end of 2019.

Sheffield City Council director of capital and major projects Nalin Seneviratne said: “The design merges with Sheffield’s award winning public realm and world renowned cultural assets – including The Crucible and The Lyceum theatres – and unites key retail pitches in the city centre from The Moor through to Fargate.

“This will consolidate an enhanced retail offer and also provide for food and beverage, office and residential to extend the attraction as an evening entertainment destination.”