THIS is the first picture of a how a new town square in Colchester could look after a multi-million pound development.

Plans to overhaul the former Sale Shop premises, in Long Wyre Street, Colchester, were given the go ahead in September.

It will see five new restaurants and two shops created in the building, which has been closed since 2014.

The project will also see 24 new flats built as owner, the East of England Co-op, seeks to regenerate the historic building.

Now, a document is being distributed to prospective tenants showing how the development could look.

As part of the plans, the Co-op has pledged £20,000 to go towards an overhaul of the space, labelled the St Nicholas Quarter, outside the building, as well as popular bar Three Wise Monkeys and the former Jacks store.

The document, put together by property consultants Jamieson Mills, states Colchester is benefitting from £500 million of investment and is the country’s fourth-fastest growing town.

Despite an influx of chain restaurants including Caribbean specialists Turtle Bay, burger joint Five Guys and Asian favourite Wagamama, the consultants state the current food and beverage offer in the town is “limited”.

It states there is a £14 million food and beverage trading gap and cites a projected 11.2 per cent population increase by 2025.

The proposals have been given the go ahead by Colchester Council.

Paul Smith (Lib Dem), who leads the authority, said: “There is no doubt it is very encouraging that we are seeing this significant level of interest in developing Colchester town centre.

“The development, with the flats planned for it and the drop in retail space, is actually very in-keeping with what we’re seeing in town centres across the country.

“This, I believe, is the changing face of Colchester town centre into a more leisure-led experience.

“It appears developers know Colchester is able to provide employment and leisure opportunities.”

On the array of restaurants now available in the town centre, Mr Smith added: “We are now catering for every conceivable taste and perhaps now Colchester is becoming a food hot spot.”