Aylesbury Vale District Council (AVDC) has confirmed that it will be taking forward plans for the Waterside regeneration scheme in a bid to complete work by 2012.

A Waitrose supermarket, an 80-bedroom hotel and the National Enterprise Academy are earmarked for the Buckinghamshire town, with the council taking over from Warner Estate after it failed to submit a detailed planning application within an agreed timescale. The development on the south side of Exchange Street will involve the demolition of the town's Civic Centre, old swimming pool and multi-storey car park. Plans have also been submitted for public realm improvements around the Waterside Theatre.

AVDC leader John Cartwright said: "Aylesbury Waterside Theatre is nearing completion and will open later this year, the new Waitrose store next to the theatre will open early in 2012 and the National Enterprise Academy is building its national HQ at the head of the canal basin. "These are all great assets for the residents of Aylesbury Vale and will help give the area an economic and cultural boost. We are also looking to provide an 80-bed hotel on the site next to the theatre and Waitrose, and we are in talks with hotel companies."

Plans for the north side of Exchange Street are on hold until a development partner is found when the retail investment market improves.