HOPES for the regeneration of a major entrance to the centre of Oxford have been revived after a deal was announced by two colleges.

The multi-million-pound agreement will see Christ Church lease two parcels of land to Nuffield College, which has revealed ambitions to transform the area of Frideswide Square.

The land includes the buildings between Hythe Bridge Street and Park End Street, stretching from the Royal Oxford Hotel to Castle Mill Stream and those opposite the Said Business School.

Along with the overhaul of the Westgate Shopping Centre, Oxpens and Oxford Station, the scheme is seen as key to wider plans for the regeneration of Oxford’s West End.

The announcement comes after a previous £100m scheme put forward by Christ Church for hotels, shops, restaurants and housing in 2008 fell through.

Nuffield College is understood to have considered those plans, but has said it will be taking a fresh look at all options for the site.

The sites are also part of Oxford City Council’s area action plan for the West End, a blueprint published in 2008, and city council leader Bob Price said they were “critical” to the strategy’s success.

He said: “The council is pleased that the two colleges have agreed to work together to bring the whole area into the 21st century and we are looking forward to hearing more about their development plans.

“We would hope that the scheme brought forward will be for a mix of commercial, research and academic uses.”

Gwilym Hughes, bursar of Nuffield College, said: “When Lord Nuffield first founded the college in 1937, one of his aims was to improve the entrance to the city and that work continues.

“There is fantastic potential for this part of Oxford and Nuffield College is, in a sense, taking on the mantle from Christ Church.

“I think everyone wants to see this western approach to the city improved and in the long term that will be our objective.

“At the moment, though, we recognise these properties are tenanted and there are no immediate plans set to be brought to the table, so it will be business as usual.

“We want any scheme that is put forward to be transformative and are taking a fresh look at what can be done.

“That will involve a masterplan process, which will be carefully consulted on.”

He added no timeframe was currently in place for when plans would be unveiled. The proposal for a new scheme were also welcomed by the Oxford Preservation Trust.

Trust director Debbie Dance said: “It is an area full of heritage, from the Oxford Canal to the Jam Factory and Rewley Abbey and I am sure that something wonderful can be done that uses the best of the old with the best of the new.”

The land deal was confirmed as a separate £6m scheme to overhaul the road layout of Frideswide Square entered its second phase as part of efforts to tackle congestion.

The junction, considered one of Oxford’s worst bottlenecks, is being converted by Oxfordshire County Council to include a large roundabout outside the station, connected to two smaller roundabouts by a “boulevard”.

The square itself will be paved and used for art and public events, local authority has said.

The city council is also in ongoing discussions with Network Rail over replacing Oxford’s railway station, although senior figures warned earlier this year that no guarantees for funding had yet been secured.