A MASTERPLAN paving the way for one of the region's 'largest modern cinemas' - including an IMAX screen - at the heart of the new Bridge Street development was passed on Monday.

The council's executive board approved the revised £107million plan tipped to 'rejuvenate' Bridge Street, which will have room for 2,000 cinema seats and 10 screens.

As well as the cinema, which the Warrington Guardian understands will be operated by Cineworld, a car park with space for 1,300 vehicles will replace the one on Academy Way that is to be demolished.

Originally in 2011, the scheme estimated development costs of £100 million before the recession forced it to be scaled down to £58 million but following Warrington's growth, further funding has been plunged into the project.

The new scheme has been labelled an 'enhanced investment opportunity' for the council which will benefit the 'public purse'.

It is set to bring in £5.5million a year and will provide the council with a property asset valued at around £120million, while it is hoped to attract high street restaurants, such as Pizza Express, to the area.

"Hopefully the IMAX will drive restaurants and ilk here," said council leader, Terry O'Neill.

"Hopefully residents from other areas, as well as from here, will visit the town to boost the economy for Warrington.

"In five years time we will not recognised the town centre. We have to carry out the processes - we are 98 or 99 per cent of the way there."

The council's executive director for economic regeneration, growth and environment, Andy Farrall, spoke of the financial benefits the new project plans bring.

He said: "The scheme now has a bigger regeneration effect for the town and is financially viable."

As part of developments, all applicable council staff will be relocated to a new Bridge Street Quarter office, with facilities which the council currently leases and owns set to be vacated.

This could potentially create a net saving of £3.4million a year for the council - an increase in revenue savings of more than £1million a year.

The Town Hall will not be affected by the new proposals.