Project proposals include a new bus and train station, commercial offices, 76 new apartments, as well as high quality public spaces and a canal side cultural quarter.

The development agreement outlines each partner's roles and responsibilities in the scheme and is the culmination of more than 12 months of intensive work which has been ongoing since Neptune was appointed as the council's preferred development partner in November 2006.

During this time the project has progressed rapidly in terms of planning and development while further partnerships have been established with stakeholders including British Waterways, Virgin Trains, Network Rail and Centro.

Rob Mason, development director at Neptune Developments said: "We are absolutely delighted to have concluded this agreement and look forward to working with the council and their partners to turn this exciting vision into a reality.

"Wolverhampton is a growing commercial centre and the Interchange project will create a stunning new addition to an attractive and thriving city centre."

A planning application will be submitted in the spring this year.

Subject to planning permission, work will be carried out in several phases with the first phase building the new railway station with a 1,200space car park planned to begin in spring 2009 with completion scheduled for summer 2010.

The overall project completion is due at the end of 2013.