A £1 billion plan has been unveiled to regenerate Bolton town centre, with Bolton Council promising to provide £100 million of the funding.

The council said the value of the masterplan would rise to £1 billion as private sector partners come on board with the project.

Bolton Council said it will borrow £100 million over a 50-year period to start different development schemes.

The council said the loan will involve a repayment at a low interest rate paid back using the Manchester Airport dividend and a dividend from the Yorkshire Purchasing Company which it receives annually.

The masterplan will focus on a stronger retail core, the introduction of town centre housing, and Grade A office development.

Areas for development will include the Church Wharf area and Trinity Street.

Leader of Bolton Council, Cllr Cliff Morris, said: “The masterplan is intended to facilitate the redevelopment and growth of our town.

“We know that town centres have changed due to factors such as the shift to online shopping and this masterplan will reflect that.

“It is very important to us that we are able to fund this robustly and be confident that the money we need will not have to be sourced as a result of cuts – we are very pleased that this will be the case.

“We are speaking to a number of developers about different schemes and this is a complex process which can take a lot of time.

“We are, however, committed to regenerating Bolton town centre and as soon as possible.

“With the new transport interchange and the investment in electrification, living here if you work in Manchester would be a very good proposition.”