The New Swindon Company is delighted with the £50m deal which has been signed for the old industrial land around the Swindon Designer Outlet at the Churchward Village.

This wasteland in Swindon is likely to be a thing of the past with the £50m deal with a 10 year plan which will make the site among the best in Europe for top design.

Chris Hitchings, the director for development of the New Swindon Company, said: "It is something which is long overdue because the area has been neglected.

"Work is scheduled to start next year on the new properties and those which are listed."

"It could be a long haul and might be some years before it's finished, but it will be worth it."

Property agents King Sturge has sold eight acres of land on behalf of Carillion PLC to Thomas Homes.

The land, at the former Great Western Railway locomotive works in the town, will be transformed into a mixed use development.

The Grade II listed buildings are likely to be converted into offices.

Inside and outside these buildings are some engineering gems from the Brunel period, which will become permanent features of the development.

Permission is already in place for 250,000ft of development which includes an hotel, apartments, offices, restaurants and leisure facilities.

King Sturge partner David Spencer said: "This deal is a major one for the regeneration of Swindon.

"It is a site of great historic importance.

"New life will be breathed into the site as it becomes home or place to work or relax for hundreds of people."

The redevelopment of the locomotive works forms part of a much greater regeneration project incorporating the 138-acre Churchward Village site, off Kemble Drive.

The Thomas Homes site is centred around the undercover Swindon Designer Outlet shopping centreand also includes the home of the National Trust UK Headquarters, The National Monuments Records Centre and the Steam railway museum.

One piece of history which will be saved for future generations will be the traversa - an historical turntable which was used by the steam engines at the loco works.

The deal has been generally welcomed by businesses in the town which have been waiting for something to happen to the site for some years.

Chris Brotherton, director for Thomas Homes, said: "Churchward Village provides an exciting opportunity for us to make use of our extensive expertise in urban redevelopment and conversion of old buildings in an excellent location in central Swindon."

King Sturge will be retained as development consultants and agents for the site.