Bolton’s economy is set for a £487million boost on the back of major regeneration plans worth more than £1billion, according to a new report.

New analysis by Deloitte shows ambitious regeneration plans for the town centre are still on track despite the impact of the coronavirus pandemic.

An investor prospectus commissioned by the council says by 2030, Bolton’s regeneration programme will have provided 1,700 homes and 4,411 full-time equivalent jobs, injecting £487.5m into the economy. The town centre population is forecast to grow from less than 2,000 to more than 6,000.

There could also be an annual boost of £7.3m to the visitor economy, helped by more green space and improved connectivity including new cycle schemes.

The six town centre schemes include a 20-storey tower at Trinity Gateway, a new neighbourhood in the heart of the town centre with 352 new homes at Church Wharf and a complete revamp of Crompton Place shopping centre.

Council leader David Greenhalgh said: “The flexible and adaptable nature of our six mixed-use schemes, and the commitment of our developer partners, means we remain on course to deliver a transformed town centre by 2030.”

Labour leader Nick Peel said: “We are pleased to see that Bolton town centre regeneration is adapting to a post-Covid world as it moves slowly forward. The previous Labour Council drew up these ambitious plans, which are not about trying to reinvent something that has long passed, but about providing new homes and jobs in addition to a revamped retail core.”

The council is in the process of bidding for multi-million pound grants from the Future High Street Fund and Towns Fund, contributing a potential £70m to projects in Bolton and Farnworth town centre.

Simon Bedford, partner at Deloitte, said: “Bolton Council remains committed to delivering its plans for a redeveloped town centre and continues to engage with developers and investors to understand the implications of the pandemic on committed and emerging schemes.

“Local retail centres will have a role in driving future economic recovery as consumers increasingly choose to buy local, supporting local businesses and supply chains post COVID-19.”