A new £12m leisure complex could open in Grimsby town centre within two years after North East Lincolnshire Council (NELC) announced plans to release land on the proposed site.

Council-owned land totalling 50,000sq ft (4,645sq m) at Riverhead Square is set to be transferred to F&C REIT, the owners of Freshney Place shopping centre, subject to cabinet approval on 31 March.

This would pave the way for F&C REIT’s plans for an eight to ten-screen mutliplex cinema and five new restaurants, with construction expected to start in the next 12 months.

Ray James, asset manager at F&C Reit has said that talks are underway with businesses interested in the site but that commercial sensitivities mean none can be revealed at this stage. He also praised the pro-active approach of NELC in freeing up the land.

Councillor Chris Shaw, leader of NELC, said the proposed redevelopment would complement the council’s £6m transformation of the town centre that’s currently underway.

He added: “Working with our partners in the town centre is delivering results for the wider borough.

“Releasing this land will act as a catalyst to stimulate more investment, generate economic growth and ultimately create more jobs."