A MASTERPLAN that could see a rundown area of Banbury get a multi-million-pound facelift has been unveiled.

Cherwell District Council has released a blueprint for the regeneration of Canalside, which could see 1,200 new homes, shops and a school built.

But the scheme is dependant on the completion of a £13m flood alleviation scheme which would take the land out of the flood risk zone.

In a joint initiative, the Environment Agency, Cherwell council and businesses have stumped up the cash to fund a giant earth dam on land between the M40 motorway and Daventry Road.

A spokesman for the Environment Agency said the scheme would be decided by a public inquiry, but it was hoped work would start next year.”

Cherwell’s masterplan for the 45-acre Canalside site, between Bridge Street, Cherwell Street and the railway line, will be a guide to any potential developer.

It also includes open space, pedestrian and cycle routes and more footbridges over the canal and railway. There will also be two multi-storey car parks on either side of the railway, providing 1,000 spaces.

Canalside is currently owned by about 50 different landlords, and houses small and medium sized industrial units. The site is also home to Banbury Town Football Club.

Businesses and the football club would have to relocate if the proposal goes ahead.

The site has been earmarked for housing in the district council’s planning blueprint which charts development in the town and surrounding area until 2026.