THE regeneration of Bolton will be worth 50 per cent more than first thought if plans go ahead, a recent independent financial review has revealed.

The overall value of the proposed developments within the town centre masterplan is now estimated to be £1.5bn.

The boost comes from additional private sector investment following an initial cash injection of £100m from the council.

Deputy leader Martyn Cox said he is pleased that the masterplan has received financial backing from investors and “proven” developers.

He said: “The whole scheme has got an awful lot of interest from a lot of people and we are confident that many of these schemes will soon stop being schemes and start becoming construction sites. I think that has given us grounds for optimism for 2020 when we expect a lot of these schemes to be started.”

The news comes as the latest plans to “refresh and revitalise” the town centre were revealed yesterday.

Crompton Place Shopping Centre and the surrounding areas could be completely redesigned and replaced with a hotel, housing and office space in a major overhaul.

Labour leader Linda Thomas welcomed the latest proposal within the masterplan and defended the council’s decision to buy the shopping centre last year for £14.8m which took place under her watch.

She said: “It was always going to be the centre piece of the town centre regeneration so it’s fantastic news that we are still on track. There were some doubters about why we would buy a shopping centre but I think we have been able to answer the critics. If somebody else bought it we would not have been able to have this fantastic idea with Victoria Square as the focal point. People were doubting if it was actually going to happen but the whole town gets behind it and we have a fantastic centre piece.”

A council spokesman said: “The Bolton masterplan sets out an ambitious vision for the future of our town centre, making it the ideal place to live, work and visit.

“After the initial injection of £100m by the council, the plan has attracted potential investors both nationally and internationally, showing the private sector has a great deal of confidence in Bolton’s potential.

“A recent independent financial review calculated that the overall value of the planned developments across the five intervention areas now stands at £1.5bn.”