Council bosses have agreed to sign an 'exclusivity agreement' for a major housing development in Stoke-on-Trent.

Stoke-on-Trent City Council has been looking to redevelop derelict land off Pyenest Street in Shelton with new homes for around a decade.

Plans for 141 houses and flats on the site were submitted last year, but a lack of council funds means that private investment will be 'critical' if the scheme is to go ahead.

Director of housing, regeneration and operations Carol Gibbs has now approved the decision to enter into an exclusivity agreement for the site with Salford-based Placefirst Limted.

Placefirst describes itself as an 'experienced build-to-rent developer and regeneration specialist', with a portfolio of more than 2,000 homes across the UK.

Illustrative masterplan for the Pyenest Street housing development in Shelton (image via planning application)

The agreement with Placefirst will see the firm allocated £50,000 from a Homes England grant to cover the costs of developing a business case for viability gap funding.

According to the delegated decision report, entering the agreement with Placefirst 'is the first practical step to progress the cabinet decision made in 2016'.

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It says that leaving the site as it is would allow 'multiple problems', such as fly-tipping and anti-social behaviour, to continue in the Shelton area.

Other options for developing the site are also ruled out.

The report states: "An alternative option is to sell the land. However the complexities and viability issues of this site are well established.

"It is unlikely any capital receipt would be achieved. The significant level of grant funding required is clear and evidenced.

"There is insufficient financial capacity in the housing revenue account 30 year business plan to invest in a scheme on Pyenest Street. Therefore, private investment is critical if the scheme is to move forward."

Last year the council closed off Pynest Street with concrete barriers in order to prevent illegal dumping on the site.

The road closure will be in place until May 2027.