A £25m deal has been struck with UK-Swedish development team for the regeneration of Wolverton's Agora centre.
The site is being sold to a partnership between UK developer TOWN and Swedish builder Trivselhus.
TOWN has been negotiating the purchaser of the centre from current owner Leyland Holding Company since last year.
The plan is to demolish the Agora building to make way for more than 100 new homes and a ‘community energy microgrid’.
Radcliffe Street will be reinstated between Church Street and The Square and new shops will be opened there.
There will be flexible on- and-off-site car and cycle parking for residents and town centre visitors.
MK Council leader Peter Marland said: “The Agora has detracted from Wolverton town centre for years and I’m pleased to secure a developer with a track record of quality and an evident commitment to the town to regenerate this important site. The terms of sale of the car park allow the Council as landowner to approve the eventual scheme so that we can secure the outcomes local people have said they want through the Neighbourhood Plan.”
TOWN has a long history of involvement with the site, with one of its directors having worked with Wolverton and Greenleys Town Council and the local community to support the preparation of the Wolverton Neighbourhood adopted in 2015.