BOURNEMOUTH council should purchase the last parts of the Winter Gardens ready for redevelopment, the cabinet has agreed.

While the final decision rests with the full council on July 25, cabinet members voted to recommend the authority loan cash to the Bournemouth Development Company (BDC), in which it owns an equal share with Morgan Sindall Investments, to complete the purchase.

With match funding from Morgan Sindall, the undisclosed sum will be paid to the current owner, developer Inland Homes, which has previously won planning permission to develop the site.

BDC has proposed a £150 million scheme with some 350 flats, retail and restaurants.

Councillor Philip Broadhead, cabinet member for economic growth, said the company plans to put in a planning application "in the next few months".

"The Winter Gardens is one of the largest projects in Bournemouth in recent times," he said.

"It is vital to provide good quality housing and a landmark development to continue Bournemouth's growth and prosperity.

"It will provide a significant injection of cash into the council and will help provide services to council tax payers."

The borough already owns the Winter Gardens car park, the former site of the famous concert hall which was demolished in 2006, but the purchase relates to the adjoining land and properties in Exeter Road, making up 10 per cent of the full site.

Cllr Broadhead said there would be no loss of parking, with a replacement of the existing car park and additional parking for residents of the flats.

He said by providing a loan to BDC the council was making efficient use of its reserves.

"There are two options, first of all is to raise the funds in the open market. The second is that the funds are provided by the council. Considering we are half owners it makes sense for the borrowing to be as cheap as possible.

"And we will get a rate greater than we are currently achieving on these funds anyway, coming out of reserves."

Members voted unanimously to recommend the plans to full council.

The scheme is part of the borough's Town Centre Vision, which has seen numerous council car parks transferred or earmarked for development by BDC.

According to the cabinet report, £200m of Town Centre Vision development has been completed, while more than £60m of development is currently in the construction phase and £200-£300m of development is planned in the next two to three years.