The £1.2bn regeneration of Basildon town centre in Essex has moved forward after the local authority agreed to invite developers Barratt Homes and Wilson Bowden to submit a final tender for the scheme.

Earlier this year, a joint venture between British Land and Lend Lease pulled out of the bidding process for the scheme, leaving the Barratt Homes and Wilson Bowden consortium as the only bidder remaining. Basildon Council has now approved plans to move to the next stage of the procurement process in a bid to secure a development partner for the scheme by October, before a public consultation is launched as part of the detailed master planning stage.

Stephen Horgan, Basildon Council's deputy leader, said: "This is a very important project for Basildon and it reflects the confidence in our community and the hard work of the project team that it is still on track despite the recession. "We have a great opportunity to transform Basildon Town Centre, with more and better shops and offices, better transport facilities and new homes."

Plans include 49,000sq m (527,432sq ft) of additional retail and leisure floor space, as well as the relocation of the civic centre, library and community theatre, while the 101-hectare (250-acre) Gloucester Park is to be brought into the heart of the town.