The two town centre operators had objected to North Lanarkshire Council’s decision to grant the site planning permission, leaving the development in legal limbo for the last six months.

The settlement means that L&S Broadwood can now press ahead with their plans to bring some of the biggest names on the High Street to Westfield.

The company has lined up M&S Simply Food, Aldi and Home Bargains to be the anchor tenants in a seven unit shopping parade at Westfield, which will also feature a drive-thru coffee shop, a petrol station and parking for 600 cars.

The development, which lies in the shadow of Clyde FC’s Broadwood Stadium, will bring around 200 full time retail jobs to the area.

Bryan Wilson, development director with L&S Broadwood, said: “We are absolutely delighted that we have reached an agreement which addresses the concerns of the operators of Cumbernauld Town Centre and the Antonine Centre and avoids the need for further court action.

“We are particularly pleased for the residents of Westfield, who have been starved of local shopping facilities for years. Now we can honour our pledge to bring some of the country’s best loved brands to their doorstep.”

Mr Wilson said that the company will now concentrate on letting the remaining retail units, and the drive-thru coffee shop with a view to starting work on the site in the Autumn.

He added: “We hope to have Westfield up and running by mid to late summer next year. We are confident of bringing more top brands to Cumbernauld, hopefully making people feel it has been well worth the wait.”