A multi-million pound spending spree has cleared the way for a visionary waterside village to be built in Bradford's city centre.

The development - a cornerstone of the proposed masterplan to rejuvenate the city - will see a canal, a lake, an urban park and 1,000 prime waterfront homes built.

Bradford Centre Regeneration, the company leading the renaissance of the city, has acquired the site of Furniture City in Valley Road as part of a series of buy-ups of key sites which has so far cost more than £4 million.

The land is part of the first phase of a waterside village in the city centre masterplan drafted by international architect Will Alsop, which includes creating a city centre park and building a lake around City Hall. BCR has begun a programme of acquiring key sites needed for the huge regeneration project.

Working with Government-funded regeneration agency Yorkshire Forward, the company has been buying up properties lying within the area earmarked for development.

In March, the Telegraph & Argus reported it had bought the Tyrls police station, which will become vacant when the new headquarters in Nelson Street opens later this year, for about £2 million.

Today, BCR chief executive Maud Marshall revealed it had now bought up the 4,735 square metre furniture store as well as the 264 square metre car park at the back of the former Odeon Cinema for an undisclosed sum.

Mrs Marshall said today: "These acquisitions constitute an important milestone in the renaissance of the city centre.

"The purchase of these three initial sites will enable us to deliver the city park - the masterplan's signature project - the proposed canal side urban village as well as the Odeon scheme."

She also revealed that BCR was negotiating to acquire or influence the use of other sites essential to the rebuilding of the city centre.

The car park behind the Odeon was purchased from the private owners on behalf of BCR by Yorkshire Forward. It follows the acquisition at an auction of the cinema itself by Yorkshire Forward for an estimated £4 million.

Ten world-class developer/ architect partnerships have been short-listed to fund and produce a landmark development on the Odeon site.

BCR bought the 4,735 square metre furniture store which shut in March from Colin Jeffrey's, trading as Furniture City.

The company would not comment on the cost of the Furniture City or the car park but said the acquisitions would kickstart the redevelopment.

Jan Anderson, Yorkshire Forward's executive director, environment, said: "These sites are pivotal to the fulfilment of the masterplan which has Yorkshire Forward's full support.

"Our role is one of strategic intervention to deliver what the private sector is unable or unwilling to fund. Working together, I believe our goals for this great city can be achieved."