Sheffield City Council has approved plans for a new market development in the city.
The plans will see the installation of 200 new indoor market stalls, and the construction of a 83,000 sq ft retail space split across eight shops, at The Moor Estate.
Scottish Widows Investment Partnerships bought the site from RREEF in February this year and has been working closely with the council on the plans for the project.
Under the terms of the deal, the council will fund and own the new markets at a cost of £18 million, while Swip will be responsible for the retail space.
The project is part of wider plans to regenerate the Moor Estate area.
The council has signed off the principles of the agreement subject to legal documents being completed.
John Rawlinson, development manager at Faithful and Gould, a leading member of Swip, said: “We are delighted that we have reached this agreement with Sheffield City Council to start moving forward with the markets development on The Moor.”