HERITAGE, business and resident groups are optimistic about a proposed £27m regeneration to transform the Locarno buildings and surrounding site with three branded restaurants, an 82-room hotel, 49 new homes and other facilities.

Developer Steve Rosier, of Swindon Corn Exchange Ltd, yesterday revealed plans, developed alongside Swindon Council, Forward Swindon and nationally-recognised industry experts, to deliver a high-end leisure destination and residential scheme, which he says will reinvigorate Old Town and bring outside visitors into Swindon.

Previous plans for the site have faced opposition from some quarters, but there is general support for the latest scheme, which includes the refurbishment of the grade II-listed Locarno buildings and new buidings in the surrounding area to create three restaurants and a glass-covered entertainments hall, a basement spa and gym, a cafe, a shop, a hotel, and homes.

Martha Parry, the chairman of Swindon Civic Voice, said: “We are pleased to see that a proper approach has now been taken, to understanding the historic character and significance of this area. The site analysis has been done carefully, and the result is a long way forward from past proposals.

“There is the potential here to tie together all the retail streetscapes, together with the redevelopment proposed for The Bell Hotel, and essentially completing the re-development of Old Town. But we must be careful to look closely at the detail, and consider the area as a whole. Swindon has one chance to get this right, and it must not be wasted. We are cautiously optimistic about the emerging proposals.”

Daniel Rose, chairman of the Mechanics’ Institution Trust, said: “The new plans are a world away from the previous proposals which we simply could not support.

“We now feel that the emerging plans have recognised the historic nature of the site by using higher quality design, more appropriate uses and an integrated approach deserved for the building and its key position in the area.

“It is not yet a formal planning application but we welcome the over-arching vision contained in the planning brief for the site and the attitude being taken.”

Richard Deacon, the chairman of Old Town Business and Professional Association, said: “Obviously we’re quite excited by the proposals from a business point of view because that site has been crying out for development for the last 20-odd years, and at long last we think we have hopefully a sustainable plan.”

Chris Hawkins, chairman of Henrietta Court Residents’ Association, said: “I think the actual plans are extremely good, much better than the previous ones that went in, causing fewer problems for us in Henrietta Court.

“If anything is going to pull people in, it’s got to be something that’s really interesting and I think that’s probably what we’ve got.”

However, he said he was concerned the volume of traffic along High Street would make traffic hard to manage if it were turned into a shared-surface area, as suggested by initial plans. He said residents would also need a barrier to reduce the noise impact from the complex.

Colin Doubleday, the chairman of Pipers Area Residents’ Association, said: “The Corn Exchange proposal offers an exciting opportunity for the original community hub of Old Town, the Market Square including both the Town Hall clock tower and the Corn Exchange.

“We hope that our ward councillors and the planning committee will support these plans at the July 2013 planning committee.”

The proposed scheme and design brief will be discussed by Swindon Council’s planning committee on July 9, followed by an eight-week public consultation.

If all goes to plan, a planning application will be submitted early in 2014 and work will start in early 2015, with an opening in 2017.