The New Swindon Company has unveiled £1bn regeneration plans to transform the town centre – with a quarter of the scheme allocated to leisure and retail.

According to the framework, around 100,000sq m of the total area of 400,000sq m will be reserved for retail and leisure The Arena will provide a mix of recreational facilities and act as the focal point for the new town centre with the town’s cultural facilities located along The Promenade development.

Peter Andrews, chief executive of The New Swindon Company, hopes the publication of the framework will attract private investment in the town to support and expand the initiative.

He said: “There have been many grand plans for Swindon but we are focused on delivery. The Publication of the regeneration framework very clearly shows that Swindon is open for business and is moving forward in the revitalisation of the town.”

The New Swindon Company is jointly funded by Swindon Borough Council, South West of England Regional Development Agency and English Partnerships.