CONTRACTS have been signed for two major town centre developments which will breathe new life into an underused area of Bournemouth.

The £40 million schemes will see flats and shop units built at Leyton Mount and student accommodation erected at Madeira Road as part of the Bournemouth Town Centre Master Vision.

The agreements mean The Bournemouth Development Company, a partnership between Bournemouth council and Morgan Sindall Investments, can begin redeveloping two surface car parks owned by the local authority.

Central government funding has been secured through a loan from the Homes and Community Agency towards financing a five-storey block of 64 apartments at Leyton Mount together with a commercial unit suitable for a cafe or restaurant.

The partnership has also concluded a deal with a blue-chip pension fund which will finance three blocks of student accommodation, housing 378 Arts University Bournemouth students, on part of the nearby Madeira Road car park. A new 382 space multi-storey public car park will also be provided at Madeira Road.

Council leader Cllr John Beesley said: “We are delighted that, through The Bournemouth Development Company, we can deliver the Town Centre Vision.

“These developments mark the positive action being taken to regenerate our town, boost our economy and make Bournemouth a premier destination to live in and visit.”

He added: “Development at Leyton Mount and Madeira Road will increase the numbers of people living in this currently underused part of the town as well as help to generate more trade for local businesses.”

Site clearance has already begun. A total of 17 sites have been earmarked for potential regeneration by The Bournemouth Development Company. A share of the profits will be reinvested in new sites, infrastructure and open spaces.