Standard Life Investments (SLI) has secured outline planning consent from the City of Lincoln Council for a £150m redevelopment of the St Marks Shopping Centre in Lincoln city centre.

The project will involve the construction of 485,000 sq ft of new retail and leisure space, 150 new homes, a hotel with up to 130 rooms, housing for 1,100 students, and 1,100-capacity car parking space.

Proposals for the project were submitted in February 2017 after public consultation in last year November.

Work is expected to commence in 2020 and be wrapped up by 2023 end or early 2024. The project is anticipated to create up to 2,000 jobs in the region.

SLI fund manager David Stewart said: “This is a tremendous outcome and we’re thrilled that that the council supports our vision for St Marks.Their decision reinforces our conviction that the proposed scheme will be a major boost for Lincoln. It’s a significant investment that we’re confident will improve the gateway to the city centre.”