Approval has been given for the Park Place development following a unanimous decision by Stevenage Borough Council.

The £50m Park Place development by Park Place Plaza Ltd, who are backed by MBU Capital, will comprise 202 apartments and 22,000 sq ft of high-spec retail space, transforming a former office building into an enhanced retail, residential and leisure complex.

Ajaz Ahmed, Managing Partner at MBU Capital, said: “We are delighted to have secured planning permission for the Park Place development, which we believe can play a major role in regenerating and transforming the town centre in Stevenage as well as helping to deliver a broader range of social and economic benefits to the local community.

“This is a significant project that will improve the living standards and demographics in Stevenage and draw further investment into the town centre. We hope to breathe new life into this part of Stevenage and attract good quality retail brands to enhance the scheme even further to reveal a win-win for both residents and retailers.”

Park Place Plaza Ltd has also agreed to provide funds to help support regeneration of surrounding public realm areas in addition to generous S106 contributions towards other local facilities.