The £150 million masterplan presents proposals drawn by 3DReid for a mixed-use development with two main regeneration anchors: a new civic centre to house Falkirk Council and its key services and a 500 seat arts venue within the immediate town centre.

New residential (offering a range of tenure options), commercial, leisure and retail space as well as improved parking with a new multi-storey car park, public plaza area with landscaping and link bridge improving connectivity are specifically designed to revitalise the town centre attracting inward investment.

The plans also include improved transport connectivity with a new link created to the A9.

Alistair Campbell OBE, the founder and managing director of Bellair, which is responsible for the successful Falkirk Business Hub, said: “This development will help to draw people back into Falkirk’s historic town centre, creating extra footfall for the businesses that are already an integral part of our community and attracting other companies to be part of the next chapter in our story.

“The Kelpies and Falkirk Wheel are truly inspiring and iconic but we can’t ignore what’s happening in the centre itself. Economic development is vital to sustainability and our vision could help Falkirk to effectively self-heal creating a lasting legacy for the town.”

Around two thirds of the proposed Grahamston development would be allocated to housing with approximately 15% for offices, 15% for leisure activities such as the arts venue and hotels, and a further 5% for retail. These figures based on initial plans. The masterplan could generate over £50m of direct investment for the town centre and an estimated overall boost of nearer £150m for the economy as a whole.

The creation of 300 new homes could attract around 1,000 residents to the area generating further economic spend. The regeneration project would also support 500 jobs as a result of delivering the new commercial space and could create around 100 construction jobs during each year of construction.

Alistair Campbell added: “We don’t need to look far to see how other towns and cities have been able to regenerate the hearts of their communities. If we follow the examples set by our neighbours in Dundee and Perth then we too can bring the same economic benefits back into the centre of our community.

“The Grahamston vision could give a renewed focus to Falkirk Grahamston railway station, turning it into a thriving transport hub. It already benefits from links to Edinburgh – which is just 25 minutes direct – and beyond with Virgin Trains East Coast stopping at Grahamston en-route to London.

“It will also deliver much-needed housing for the centre of Falkirk, creating housing stock with the additional benefit of improved council facilities, shopping, business space and a state-of-the-art Arts venue benefiting the local and wider communities from a cultural perspective with facilities that could attract international performers.

“We believe the plans for the land, which Falkirk Council currently owns the majority of, are achievable. I’ve invested significantly to develop this vision, assess its feasibility and present a viable investment and development opportunity for both the public and private sector.”