Councillors in Manchester have given the green light for a major regeneration project that will cost £70 million.

The Altair scheme will result in Altrincham town centre undergoing a major revamp, which will radically transform the area beyond recognition.

As part of the 4.5-acre (1.8 hectare) development, a new leisure centre, numerous commercial shops and restaurants will be constructed, making the area a hub of vibrant activity.

The developers Nikal explained that the town centre will benefit not just those living and working nearby, but the wider city itself, as it seeks to become a notable attraction for people living in the wider Cheshire area.

Nick Payne, managing director of Nikal, said that the Altair scheme will revitalise a brownfield site that has more or less been underused for many years, giving Altrincham a "fabulous leisure and sports centre".

"Altair has been designed not as a single piece separate from the town but as the missing piece from the rejuvenation of Altrincham town centre," he continued.

"It will provide a bustling and vibrant atmosphere for people to enjoy a meal with family and friends and enhance the offering of Altrincham, allowing people to enjoy the existing areas as well as some of the new."

Councillor Matt Colledge, leader of Trafford Council and chair of Altrincham Forward, added that he was excited by the scheme and its ultimate legacy. It has been hard work getting this project underway – it is still a tough economic climate to work in – but it has finally paid off.

He said these plans presented a "very complementary approach to the town centre", delivering a nice balance between leisure-based activities and social-based offerings like cafes and eateries.

"Many of my colleagues live in Altrincham and, having grown up in the town myself, I am excited about the positive future Altair will bring to the town as a whole, breathing a new lease of life into the area and attracting much-needed inward investment" Mr Colledge concluded.

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