The scheme will provide around 200,000 sq ft of retail development including an anchor store, over 30 new shop units, restaurants, new public realm, squares and a new bus station.
Council Leader, Paul James, said: “This is a historic moment as it officially commits all of us to working to make this development happen.
“It shows that Gloucester is continuing to buck the national trend as we attract inward investment of this magnitude and it shows our commitment to improving the city centre – something which residents viewed as a high priority in the recent City Vision consultation. Developers and investors recognise what has been achieved in the city over the last few years and are alive to the opportunities that still exist.”
Over recent years more than £500 million worth of inward investment has been generated in the city, with a further £200 million in the pipeline.
Martyn Chase, Director at Stanhope said: “We are delighted to have reached this key milestone in the development of King’s Quarter. On the back of the positive progress on the scheme to date, this agreement will enable us to move forward with confidence, and we look forward to developing our ideas with the local community, retailers and other key city stakeholders to ensure that King’s Quarter further enhances the city.”
DTZ, a UGL company advised Stanhope whilst CBRE advised Gloucester City Council.