BUILDING work on the £300m Exchange is likely to start next year, the scheme's developer has confirmed.

AMEC Developments and its joint venture partner Morley Fund Management were announced as the preferred developer for the site yesterday and immediately set their sights on turning the masterplan into a reality.

The New Swindon Company and its partners, the South West of England Regional Development Agency, English Partnerships and Swindon Council selected AMEC and Morley ahead of several world-class bids.

The two firms have been at the cutting edge of urban regeneration and commercial development for the last 25 years and recently completed developments in St Paul's Square in Liverpool and Smithfield in Manchester.

"We are delighted to have been selected for this exciting project, which will deliver real benefits to Swindon town and its people," said Charlie Fulford, regeneration director of AMEC Developments.

"It will revitalise a key area of the town centre and introduce new high quality buildings and public spaces reflecting the importance of the town centre and its location.

"We now look forward to working with The New Swindon Company and its partners to turn this scheme into reality."

AMEC will begin working on the project immediately with the aim of submitting a planning application later in the summer.

At the same time, an agreement will be completed which will form the legal basis for the development.

The Exchange is likely to feature a substantially sized public open square surrounded by 25,000 square metres of retail and leisure space, a 13,000 sq m hotel, a new bus interchange, 55,000 sq m of office space and 450 residential units - 30 per cent of which will be affordable housing.

There will also be 1,300 car parking spaces included in the plans, which would see Fleming Way and Whalebridge Roundabout being demolished to make way for a new pedestrian-friendly road system with access for public transport.

AMEC's innovative design proposals are aimed at creating an 18-hour urban culture catering for workers, shoppers and families.

The development is expected to take between eight and 10 years to complete.

Phase one, starting early next year, will concentrate on road realignment to enable works to take place and there will also be some construction of pre-let offices and shops as well as speculatively built apartments and offices.

The plans will be funded by City-based financial institution Morley Fund Management and will be led by Benoys Architects as masterplanners and lead consultants.

Arup will act as structural and civil engineers and Swindon firm Whitmarsh Lockhart will be the scheme's commercial property consultants.

Peter James, chief executive of the New Swindon Company, said: "A lot of hard work has been done by everyone involved with the selection process, including all of the developers who were shortlisted.

"With AMEC we are confident that Swindon will get a fantastic, well-designed quality development that will bring vitality and vibrancy to the town centre."

Swindon Council leader Roderick Bluh hopes the announcement will really kick-start the town centre regeneration plans.

He said: "I am thrilled that the regeneration is now progressing with great momentum. With recent announcements we are moving into delivery mode which will start to see some physical changes in the town centre."

Big plans

THE Exchange is just one of seven major regeneration projects for the town centre.

It is part of Swindon's £1bn Regeneration Framework.

Other projects in the framework include The Promenade, which will be home to the council's new central library with potential for new cultural facilities and the University of Bath's Institute of Contemporary and Interdisciplinary Arts.

The Hub will expand Swindon's current retail offering, while The Arena will include a central piazza and create a central focal point for the town centre.

North Star Village will provide a new and vibrant residential area and the Swindon Central development will bring the railway corridor to life offering critical access to the town.

The Campus regeneration project will create a new business area north of the railway.