A SPECULATIVE £75 million plan that could give the Time Square area of Warrington town centre a new lease of life, is to be announced tomorrow (Friday).

A spokesman for London based Sellar Property Group, which owns the site, said the proposal would revitalise a part of Warrington which was in need of regeneration.

He refused to comment on rumours that plans might include demolishing part of the market, which is owned by the borough council.

Councillor Mike Hughes, deputy leader of the council, said any rumours about demolishing the market were totally speculative. "At this stage, talks are ongoing and there is still much detail to be resolved.

"If plans for the redevelopment come to fruition, the council would need to agree any final plan which affected the market and we don't know what is on offer. The market is a useful asset to the community. In principal, we are highly protective of a market for the people of Warrington.

He added: "Negotiations are at a very initial stage. The bottom line is that as yet there is no agreement by any party."

Councillor Mike Hannon, chairman of the town centre development panel, would not comment on the market rumour because, he said, "the whole plan has not been given the OK."

He said there were still meaningful discussions to take place between the developer and the local authority.

"Sellar wanted to make a presentation to us a while back, but there was no point in having one because the talks were incomplete."

John Earle, assistant director of planning at the Town Hall said: "The prospective developer has been in touch with us and has put forward proposals and discussed issues. We encourage development of that nature. We have to be convinced that any scheme would not compromise the functioning of Warrington Market.

"Any scheme must take due heed of the existing character of the town centre."

Terry O'Neill, chairman of the council's development control committee, said that a planning application has not been put forward to the borough council.

He said: " We have not as yet had an application. We would welcome the investment. I assume that our stand will be the protection and enhancement of the town centre and particularly the market."

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