A new joint venture company could be the catalyst for investment as Gainsborough town centre is rejuvenated, including a 56 bedroom hotel and restaurant.
West Lindsey District Council and Dransfield Properties Ltd will work together on the project, which will include the refurbishing of shop fronts to a high standard as well as upgrading the internal space.
It is expected to see at least four shops refurbished and let in Gainsborough town centre over the next 12-18 months.
Plans have also been submitted by Dransfield Properties Ltd to construct a new 56 bedroom hotel on the site of the former Sun Inn in a bid to bring Travelodge and Ponti Italian Kitchen restaurant into the town and create an open courtyard and outside dining area.
This is the first time the local authority has entered into an agreement.
The agreement will focus on Market Street, Market Place, Church Street and North Street, creating a gateway to the town.
There are also plans to explore options to upgrade the Roseway Car Park and public realm on North Street to ensure the environment around the hotel is benefitting to a tourist facility.
Leader of West Lindsey District Council, Councillor Jeff Summers said: “Dransfield Properties has already invested heavily in Gainsborough with the hugely successful Marshall’s Yard and they are now investing further with plans for a hotel chain and restaurant.
“We want to support investors and to do that we need to start to strengthen the appeal of the town ourselves.
“That is why I am delighted that we have agreed to this interesting and innovative approach of creating a joint venture company.
“Together with council and private investment and our combined experience, I believe we can make real visual improvements to the regeneration of Gainsborough.”
The council’s new economic and commercial director, Eve Fawcett Moralee is leading the way with the plans.
She said: “The council is committed to developing the right partnerships to deliver a future for the town by making it attractive and sustainable for existing businesses and attract new investors.
“Our role in these projects is key but without partnership working we would not be able to achieve this alone.
“The joint venture company will enable us to invest in shop units, which will enhance the quality of the streetscape and attract people to let them.
“But we have a whole host of other projects running alongside this as part of our Invest Gainsborough work, which will complement this.”
Mark Dransfield, managing director of Dransfield Properties, said: “This is an important part of Gainsborough town centre and working together I’m confident we can deliver an attractive and sustainable development which will create new jobs and attract more companies to invest in the town.”