DEVELOPERS have staked £75m on a project which will boost Chester race-course and transform one of the city's worst eyesores.

The Chronicle can reveal the race-course has secured a major regeneration project with city-based property developer David McLean Group.

The developer has bought the 6.8-acre former gas works site off New Crane Street, part of Chester's Old Port. The multi-million pound gamble looks like a sure thing for the race-course and includes stables, housing at Linenhall and the Old Port, and a commercial and leisure development.

The racecourse and David McLean contract includes:

New stables for Chester Racecourse at the Old Port site. Two hundred riverside apartments next to the stables.

A commercial development to include offices, leisure and restaurants.

Construction of a riverside footpath and cycle track linking the Old Port to The Roodee.

Development of the redundant railway arches connecting the Old Port site to the racecourse.

A housing development by David McLean at the racecourse's existing Linenhall stables in Stanley Street.

The developments are the next phase of Chester Racecourse's long-term plan in seeking to consolidate its facilities by relocating the stables from Linenhall and improving The Roodee.

The first phase, the Holiday Inn Express, was completed in November.

Richard Thomas, chief executive of Chester Racecourse, said the latest plans adds to the 'feel-good factor' in Cheshire's equestrian circles.

'In purchasing the Old Port site, David McLean has secured for the race-course our much-needed new stables in a convenient location,' he said.

'It also means that we can avoid having to escort the horses to and from Linenhall through the streets of Chester. The scheme gives the race-course a permanent car park for horse boxes and allows us to develop the empty railway arches which overlook the racecourse.'

He also revealed the racecourse is looking to sign up big equestrian events including a showcase international polo event next year.

He added: 'This a very exciting period for Chester and Cheshire and this new plan brings it all together nicely.

'Our ticket sales have been strong and we hope to continue providing excellent facilities.'

Mark McNamee, managing director of David McLean Developments, said: 'We are particularly excited about the superb apartment scheme, with views over both The Roodee and the River Dee. We are delighted to be working in our home city and with Chester Race-course.'

Cllr James Latham, development and regeneration portfolio holder at Chester City Council, said: 'This scheme will create homes and jobs and will produce an exciting riverfront and provide new facilities for the racecourse - one of Chester's most distinctive assets.'