The £12m retail and leisure development at St. Matthew's Quarter, Walsall, has moved a step closer as the developer St Modwen has acquired the final parts of the site from Walsall Council.

The multi-million pound scheme, by Norton and Proffitt Developments, a joint venture between St. Modwen and Goold Estates Ltd, promises to transform this area of the high street. The sites were purchased for just £1 in a deal that means the local authority will receive a share of the profits generated by the completed scheme.

Mark Watkins, senior development surveyor at St. Modwen, said: "This land transfer allows us to begin our redevelopment of shops, restaurants and leisure facilities in St. Matthew's Quarter.

"We already own the long leasehold for 42-44 High Street and we've now agreed a surrender of the Cooltrader lease from the retailer, meaning that work on the site will soon be able to begin.

"The lettings to Poundland and B&M are a brilliant start and we have been encouraged by the interest from other retailers, as well as leisure and restaurant operators."

Demolition of the derelict car park in Lower Hall Lane, 42-44 High Street, the Cooltrader building and other units in Digbeth and Lower Hall Lane are due in the summer in order to make way for the new 11-unit retail and leisure scheme, with planning consent having been secured in May 2014.

Poundland and B&M are the first two retailers to sign up to the development, which is part of Norton & Profitt's wider £90m regeneration of St Matthew's Quarter, which will create 90,000 sq ft of new retail and leisure amenities in Walsall's town centre.

Cllr Adrian Andrew, deputy leader at Walsall Council, said: "We're delighted to have played a major role in facilitating the development by making the council's land available and look forward to seeing work start on site very shortly.

"It's another shot in the arm for the ongoing regeneration of the town centre and will help create job opportunities and boost trade in Walsall."