THE construction group behind the £800 million Manchester Airport expansion has signed on the dotted line to rejuvenate Crompton Place.

Beijing Construction Engineering Group International (BCEGI) will work with real estate investment and development specialists Midia to completely overhaul Crompton Place as part of a £250 million investment.

Part of the deal includes a commitment to reopen access to Bradshawgate from Victoria Square. Currently shoppers cannot exit Primark directly onto Bradshawgate.

Yu Dongwen, lead director of BCEGI said: “BCEGI is very pleased to be starting this exciting journey with our new partners at Bolton. "BCEGI is committed to the UK, particularly the Northern Powerhouse region and we look forward to working with Midia to bring forward the redevelopment plans for Bolton town centre.”

The confirmation is the next milestone in Bolton Council's vision for a £1.2 billion regeneration of the town centre.

As part of this Crompton Place will be transformed with shopping areas, leisure facilities and office and housing space.

Bolton Council has created a masterplan for its vision of the town centre which features different areas for regeneration including Crompton Place and Church Wharf.

The council has put up £100 million of investment to kickstart the plan and sought investors to back the project up to the £1 billion mark.

Specialists Midia are guiding the project as part of Bolton Regeneration Limited (BRL), which also includes the Department for International Trade and the Greater Manchester Combined Authority.

BCEGI is investing £250 million into BRL to redevelop Crompton Place, which is currently owned by Bolton Council.

It is understood the council plans to sell to BRL in the future once the plans are finalised.

Bolton Council chief executive Tony Oakman said: “This is a huge boost for Bolton’s town centre, and I’m delighted we are making clear progress.

“As a council, we have committed £100m to creating a town centre we can all be proud of and it is clear this has given major international real estate investors and developers the confidence to invest in Bolton’s future.

“As a result of the commitments already by private sector investors, we are confident of exceeding the original £1bn investment target within our plan.”

A spokesperson from Midia said: “This is a significant milestone for the future of Bolton town centre, and we are delighted to be playing such an integral delivery role in redeveloping Crompton Place.

“The partnership means that we can now move forward with our regeneration plans, whilst also creating new jobs throughout the life cycle of the build programme.”

Director of Place Gerry Brough added: “The agreement between Midia and BCEGI, marks a key milestone in the redevelopment of Crompton Place and the broader Bolton Town Centre Strategy.

“Securing the support of companies of international standing is a major achievement for Bolton and highlights the opportunities available to other developers and investors.

“In a competitive marketplace for attracting investment, the council’s decision to purchase Crompton Place last year has made this agreement possible.

“There is a clear message that Bolton is open for business and I’m sure even more investors will be taking note of the opportunities our town has to offer.”