SWINDON’S Corn Exchange and Old Town Hall buildings will finally be restored after contracts were signed on a £35m regeneration project.

The Grade II Listed buildings, best known as the Locarno ballroom, will be reinstated as the heartbeat of Old Town when they are transformed into apartments, restaurants, shops and bars. A hotel could also be included in the plans, which will be showcased at a public exhibition next year. The buildings will become known as The Exchange.

Swindon Corn Exchange Ltd, the company set up to lead the regeneration, has taken ownership of the buildings and entered a partnership agreement with Forward Swindon. The project will take three years to complete and will incorporate wider regeneration of the area surrounding the listed buildings.

Project Director Steve Rosier, said: “The restoration of the Old Town Hall and Corn Exchange is a project which has spent years in the early planning stages. We are thrilled to finally be in a position to move forward.

“Our vision is to restore the Corn Exchange as the heartbeat of Old Town - a place for people to live and work, relax and enjoy and a place to appreciate and inspire a more vibrant and sustainable Old Town.

“There will be echoes of Covent Garden, with the Corn Exchange hall, formerly the Locarno ballroom, under a glass roof. It will be surrounded by restaurants, cafes, bars, bistros and niche shops.

“People in Swindon are so incredibly passionate about protecting these historic buildings. We are looking to harness this passion, taking inspiration from the past to reawaken one of Swindon’s lost treasures.”

The plans will reinstate the Market Square as public space with a new piazza replacing the existing car park. The covered hall and new piazza will provide outdoor and undercover dining areas, while music, street entertainment and a street market will be encouraged. High Street and Wood Street will be transformed with paved surfaces, trees and lighting all designed to emphasise the pedestrian areas.

Martha Parry, chairwoman of Swindon Civic Voice, said: “We welcome the news that contracts have been signed with a view to progressing the redevelopment of the former Old Town Hall and Corn Exchange. We have followed the progress of this initiative closely, and look forward to the submission of Outline Planning and Listed Building Consent applications in due course.

“It became clear to Swindon Civic Voice during our explorations of this long-standing issue that the ownership of surrounding sites by Swindon Borough Council would be key to any sustainable solution.”

“Mr. Rosier deserves to be respected for his openness to date, and for his commitment in seeing this project through to this stage.”

Mr Rosier said: “This part of Old Town has been the beating heart of Swindon for around 750 years and in three years it is our vision and hope that the community will congregate there once again.”

Mr Rosier is working with award-winning architects FCB Studios to bring the plans forward. An exhibition of the plans will be held in spring 2017 before a full planning application is submitted. It is hoped work will start before the end of 2017 and The Exchange would open its doors in early 2020.

For more information or to register updates see theexchangeswindon.co.uk or facebook.com/exchangeswindon