It's been 15 years in the pipeline and not short of controversy but an ambitious project to redevelop Gravesend may soon be given a new lease of life.

A report published ahead of a Gravesham council cabinet meeting reveals Edinburgh House (EH), the developer which started working on the £120 million Heritage Quarter scheme back in 2004, has been in talks with a company to sell the development opportunity for four months.

EH marketed the project, which could create 1,000 jobs, last year but despite a number of companies showing interest none were taken forward, with EH instead again seeking to move forward with the scheme itself.

In January a new developer, which is currently unnamed, came forward and have been in discussions with the council and EH regarding it's plans for the area behind the town's Borough market (Eastern Quarter), land behind the St George's Centre (Western Quarter) and taking on the long-term lease for the complex itself.

The report states: "It was felt that it would be prudent at this stage to present this information to members to provide an update on the development opportunity, whilst the discussions and due diligence continue."

However it goes on to state a more thorough report would be made available at the meeting during a section set to be held in private due to commercial sensitivity.

What is made clear is the company will likely seek some variations of the existing planning permission for the Eastern Quarter, which will expire on April 30 next year and currently features underground parking, a new town square, restaurants, 141 flats, and a 50-bedroom hotel.

It is not known what those variations may be but it is likely the underground parking element will be reassessed.

Planning permission for the Western Quarter — including redesigned grounds for St George’s Church and a church hall fronting West Street — has now expired and therefore any new developer could effectively start from scratch.

All permission was upheld in 2014 following a legal challenge from Urban Gravesham, a community organisation seeking to protect the centre of Gravesend.

The new company's plans for St George’s Centre include a leisure area featuring a boutique cinema, a refurbishment, new entrances and new branding.

If the development is sold to the interested company a new legally-binding development agreement will need to be thrashed out with the council.

Gravesham then plans to retain the freehold for the sites and grant a long-term lease to the developers, receiving in exchange an operational lease for 50 years in exchange for an annual rental payment.

After that, there is the potential for the long-term lease to revert back to the council for a token payment of £1.

It is unclear why EH took the decision to sell the development opportunity but it coincides with the company getting new investors and while it is likely to be disappointed to see the back of the project it will take some heart from the fact the project again seems to be moving forward.

In recent years residents, business owners and councillors had grown concerned the development would never get off the ground.

The report will be discussed by councillors on Monday.