A property funding deal worth £35m has helped to secure the future of a major mixed-use regeneration scheme in the centre of Halifax, West Yorkshire.

Santander Corporate Banking has revealed that it will fund the leisure and hotel phase of the £50m Broad Street Plaza project, which will be led by Gregory Projects - part of the Leeds-based Gregory Group. The first phase of the 277,000sq ft (25,734sq m) scheme will include a 25,000sq ft (2,322sq m) ten pin bowling facility; a nine-screen cinema operated by Vue and a 5,850sq ft (543sq m) JD Wetherspoon pub.

A 100-bedroom Premier Inn hotel with 7,000sq ft (650sq m) restaurant; a 4,000sq ft (372sq m) Frankie and Benny's outlet; and a health centre also feature in stage one, along with four further restaurant units. Phase one is due to be completed in March 2012, with Elland-based Marshalls Construction appointed as main contractor. Office space is set to comprise the second phase of the development.

Gregory Projects managing director David Brimblecombe said: "To secure a funding deal of this size on a major mixed used scheme in the current climate is fantastic news and a very positive message for the region. "Calderdale Council has also played an important role in today's announcement by permitting us to complete the development in two phases, which makes it more viable for the developer and more easily fundable."

James Espley of Santander's West Yorkshire Corporate Business Centre added: "The development has already proved to be very popular with more than 70 per cent of the scheme pre-let and I am confident that it will be a major attraction for visitors to Halifax for many years to come."