Developer British Land has signed an agreement with Plymouth City Council to develop Drake Circus Leisure, a £40m leisure scheme next to its Drake Circus Shopping Centre in Plymouth city centre.

The proposed development will include a 12-screen cinema operated by Cineworld, 13 restaurant units and 450 car park spaces, while the site’s current coach station is to be relocated.

The move comes as the owners of the Drake Circus offering seek to broaden its appeal, establishing it as an evening destination – with its trading hours also being extended.

Following the agreement, a detailed planning application for the scheme is now being developed, which is due to be submitted early next year.

Corstorphine + Wright is the architect for the planned 100,000 sq ft (9,290sq m) scheme, with Wareing & Partners serving as the letting agent for Drake Circus Leisure.

"Plymouth has a very strong local catchment, and a vibrant and successful city centre, which will be further enhanced by our investment,” said David Pollock, retail development director for British Land.

“The proposed leisure scheme creates an opportunity to take Drake Circus to the next level, and with a number of new brands added, is a very strong example of our strategy to create Places People Prefer. We are delighted to be working with Plymouth City Council on this project to establish Drake Circus as the West Country’s retail and leisure destination of choice.”

Plymouth is increasingly becoming a hotspot for investment as the area houses a large and affluent catchment of 560,000 people, while also benefiting from a tourist trade which welcomes 3.4 million visitors annually.

Such is the interest in the region, recent plans have seen one business look into turning the area’s historic Melville building in the Royal William Yard into a destination boutique hotel.

A video exploring the proposed Drake Circus Leisure scheme can be viewed below: