A MULTI-MILLION pound deal has been signed to transform the city’s West End with hundreds of homes, a hotel and office space.

Plans to develop the area were first announced more than a decade ago and the vision was unveiled back in 2013.

The Oxford Mail can now reveal that the final agreement has been reached between Oxford City Council and a Government-backed developer for the Oxpens scheme.

It will see up to 400 homes, 10,400sqm of office space and a 155-bed hotel and leisure facilities.

It comes after a series of negotiations between the council and London Continental Railways (LCR), owned by the Department for Transport.

The two parties are the biggest landowners on the site next to Oxford Ice Rink and a spokeswoman for LCR yesterday confirmed a deal involving the council and developer Exemplar had been reached.

City council leader Bob Price said it would involve the firm transferring its 7.9 acres of land to Exemplar, to combine with the council’s 8.7 acres.

The council is then expected to form a partnership - similar to that formed with Grosvenor for the Barton Park scheme - with Exemplar, he said.

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The developer has previously taken on major projects in London, including the Aldgate Tower in Whitechapel High Street and the redevelopment of the London Fruit & Wool Exchange in Poplar, as well as the refurbishment of Reading Bridge House, in Reading.

Mr Price said: “There is clearly a need for more commercial and office space in the city centre, but we also want to plan for between 40 and 50 per cent of housing to be affordable.

“We could see it being a great site for elderly people because it is close to services, Oxpens Meadow and to the railway station, so it may be geared towards that.

“From a business perspective we think it could appeal to high-tech or science-based companies.”

A masterplan for the site agreed by the city council in November 2013 envisages a boulevard along Oxpens Road and public spaces in the new development.

Mr Price said there were also plans to route more traffic travelling towards the Westgate Shopping Centre down Becket Street and Osney Lane.

He said initial work on the site could start late next year, and will involve looking at how to protect the area from flooding.

And if planning permission goes through as planned building work could begin after the £400m redevelopment of the Westgate centre is finished in Autumn 2017.

This is because the temporary car park that has been built next to the ice rink would need to be moved.

The development will be paid for using part of £6m awarded to the council in January, through the Government’s local growth fund.

The Oxford Ice Rink will remain, Mr Price said, but its car park would be relocated. According to the city council’s masterplan for the site, the coach car park is also expected to be moved elsewhere.

The council leader added: “Once Westgate is up and running and we will begin to think seriously about starting work at the site.

“It would clearly be a significant scheme because it is a large space and will cost hundreds of millions of pounds, rather than tens.

“A very important element will also be the restructuring of roads, to increase capacity at Becket Street and Osney Lane and prepare for the redevelopment of Oxford Station.

“We will work closely with Oxfordshire County Council on that, because it needs to be done properly and put in place early on.”

City council officers hope to present a rough plan of the works to the executive board on April 27.