AFTER years of falling into disrepair, hopes are high there could finally be progress on the redevelopment of the Locarno in Old Town.

Also known as the Corn Exchange, the iconic building has become overgrown in recent years but discussions over plans to bring it back to life are nearing conclusion.

It is believed the owner of the building, Gael Mackenzie, and Steve Rosier, owner of Swindon Corn Exchange Limited, the development company dealing with the Locarno, are close to an agreement over what will happen with the site.

Swindon Borough Council chiefs believe a planning application could come forward early next year with plans for a hotel, restaurants and apartments to go on the historic site and new buildings which would go up alongside it.

In its vision for the future, the Locarno was identified as somewhere the council was committed to redeveloping.

Although it does not own the site, the council has been helping where it can to bring the plans into reality and is hopeful progress is at last being made.

Councillor Garry Perkins (Con, Haydon Wick), the cabinet member for regeneration, said: “It has always been a problem because of all the parties involved but we are close to getting something agreed. I think we could see something in 2016.

“Once planning permission is agreed then I think things will move a lot faster. It is a lot like the Regent Circus development.

“It took over seven years for something to happen because of the recession and other things but once the initial agreements were signed everything moved forward very quickly with tenants signing up within a few months.

“It will be the same here. It’s a case of getting all the soldiers line and then we can move forward.”

Previous plans for the site have faced opposition from some quarters, but there is general support for the latest scheme, which includes the refurbishment of the Grade II listed Locarno buildings and new buildings in the surrounding area to create three restaurants and a glass-covered entertainments hall, a basement spa and gym, a cafe, a shop, a hotel, and homes.

Daniel Rose, chairman of the Mechanics’ Institute Trust, which is responsible for looking after the town's historic buildings such as the Locarno, said: “We were pleased to see the most recent proposals for the site and wider area and felt these had promise in contrast to previous plans.

“Progress has been quiet in recent months but we believe that further work has been happening to have a Development Agreement in place and that initial soft marketing was due to start on potential operators. Our current understanding is that a planning application is due towards the New Year.”