A NEW lease of life for one of the town’s eyesores is set to become a reality after the final hurdle for the Regent Circus redevelopment was cleared last night.

Although plans were given the green light last year for the £100m regeneration of the former Swindon College site, the bulldozers could not move in until the council and developer Ashfield Land agreed the amount of cash they would invest into the community.

The sum, known as a section 106 agreement, was finally established at a meeting of the planning committee last night.

And it has paved the way for the demolition of the old college site, which could happen as soon as April.

The planning process had slowed down because the council expected a larger amount of cash for the section 106 agreement, but Ashfield Land argued that most of the work the cash would be spent on will be done by them as part of the building work.

Swindon Council will now only get a quarter of the cash it originally wanted from the re-development.

Council planners had aimed to negotiate a deal for £769,594 in exchange for allowing work to begin.

But now the council has lowered its expectations – to the tune of more than £600,000 and now expects to get just £165,000 from developers.

Coun Dale Heenan said: “The developer has agreed to do a lot more work than suggested for the 106.

“We do actually have a section 106 agreement that work starts to demolish the building.

“We have got to progress on that site. It is an eyesore and should be pulled down as soon as possible.”

The project, to build a cinema, Morrisons supermarket, shops and resturants has been in the pipeline for several years in one guise or another.

Coun Mark Dempsey said: “I think it is sad that we are seeing such a reduction in the section 106 agreement.

“I think it is a difficult position for the council because of the need to see regeneration of this site.

“I hope with stronger vision in time we will be in a stronger position for these kinds of developments.”