Cheshire East Council has agreed to sell the Churchill Way car park in Macclesfield to Ask Real Estate, which plans to develop a six-screen cinema, retail and restaurants designed by FaulknerBrowns Architects.
The council said Ask beat 18 other bidders for the site and the bids were judged on quality rather than simply best price.
Cllr Don Stockton, Cheshire East Cabinet member for regeneration, said: “We have said that we will regenerate the town and increase footfall for the benefit of retailers and businesses and this is the start of that process. The council remains fully committed to this journey and we will continue to drive forward a strategy to enhance the economic, environmental and social well-being of the town centre.
Nick Hynes, chairman of Macclesfield Town Centre Vison Stakeholder Panel, said Asks’ was a “viable and imaginative scheme”.
The council is pursuing a number of other regeneration initiatives in Macclesfield. These include improvements to the Gas Road underpass area, Middlewood Way, Sparrow Park, and shop fronts on Lower Mill Street. An additional £1m of council capital funding has been made available to assist with delivering further enhancements to the town centre.
Last month, Ask sold a majority stake to construction giant Carillion.