The redevelopment of the former Rose and Young site, in Caterham, has taken a major step forward following the exchange of legal contracts between CoPlan Estates Ltd and Premier Inn to provide a 107 bed hotel and a Beefeater Restaurant.

CoPlan Estates Ltd, the preferred developer for the site, is currently preparing the planning application for the site, which should be submitted early in 2016.

If the current owners of the site do not agree to sell the site to CoPlan Estates, an agreement is also in place for Tandridge District Council to use its Compulsory Purchaser Powers, to buy the site.

Colin McQueston, Director of CoPlan Estates said: “We are delighted to have signed these two key legal agreements, which represent a significant step forward towards the long awaited development of this site. To have these agreements secured within three months of our appointment as development partner for this site, demonstrates the commitment from all parties to deliver this project as quickly as possible.”

Councillor Jane Ingham, Chairman of the Rose and Young Working Group, said: “This shows excellent progress on the plan to improve Caterham Town Centre and to return this site and this area of the town to a viable business location.”

Louise Woodruff, Acquisition Manager for Premier Inn, said: “We are pleased to be working with CoPlan Estates to bring forward our proposed 107 bedroom Premier Inn Hotel and Beefeater Restaurant in Caterham. A new Premier Inn would deliver £12m in fresh investment, as well as creating 40 new year round jobs and attracting more visitors to the local area.”