A DEAL has been struck to regenerate Edge Lane with £200m of investment.

The retail park will be completely revamped and more than 4,000 jobs are expected to be created by the scheme.

Talks between Mayor of Liverpool Joe Anderson and Isle of Man-based developer Derwent Holdings have progressed to the point where the first spade could be in the ground by the end of the week.

The news marks a significant development in a project that was defined as one of Mayor Anderson’s top priorities when he came to power.

But at times over the two years since Labour took control of the council, progress has been slow.

It is understood that negotiations over the release of land required for the major scheme had taken time to get off the ground in a meaningful way.

This week, however, Mayor Anderson and Derwent Holdings’ boss Albert Gubay were in jubilant mood as they appeared for a photocall at the site.

Mayor Anderson said: “This is an ambitious project, made all the more challenging by the tough economic times.

“But we are determined to make it happen, because we know how important it is to rejuvenate this major city gateway, delivering excellent retail and leisure facilities and creating thousands of new jobs for local unemployed people.

“That’s why I made it a priority to sit down with Mr Gubay and work through the challenges.