A derelict town centre site with two disused pubs could finally be transformed with new shops and social housing.

The Old King’s Head on Chestergate has been closed for more than a decade and 19th century coaching inn The Three Pigeons on King Edward Street for longer still.

The empty pubs and the waste land between them have fallen derelict and suffered from anti-social behaviour and squatters.

But after various failed planning applications over the years there are redevelopment plans on the horizon.

Social landlord Peaks and Plains Housing Trust has teamed up with ex-footballer Ashley Ward’s property company, Bilton Ward Developments, on plans for a four-storey apartment block with shops on the ground floor. They are working with Dowd Town Planning and TADW Architects on the plans estimated to cost £4m.

A pre-planning application scheme put out to consultation this week shows about 40 one and two-bed apartments.

The proposals also include three 3,000 sq ft retail units which are expected to attract national names – a national restaurant chain has reportedly expressed an interest.

If a planning application is approved, work will start at the end of this year or early in 2013.

The Old King’s Head would be demolished and only the facade of The Three Pigeons would be retained – a source of contention in the past. In 2002 Modus Properties met objections to their plans to demolish the pubs and build 6,000sq ft of shops and 24 flats with 32 parking spaces.

But Jack Hallam, of estate agent Hallams, warned Macclesfield needs to grab the new proposal with both hands. He said: "This is a once-in-a lifetime opportunity. The site has been derelict for years and if this doesn’t happen, it could stay like this.

"This is a double-dip recession but the money to do this is there now, so we need to bring this forward. We’re just waiting for the planning. The design is very sympathetic to the area."

The scheme is not part of the Wilson Bowden town centre redevelopment and it is hoped it will address concerns that the Wilson Bowden scheme will draw shoppers towards the bottom end of town.

Nigel Bennett, assistant director of partnerships at Peaks and Plains, said: "Traders at this end of Chestergate are worried about this movement away. But our scheme takes attention back towards the top of town and extends the positive effects of regeneration. There will be new residents in the apartments to use the shops and restaurants."

There was a consultation evening at the Heritage Centre last week.

Mr Bennett said: "The plans are in a very early stage and we’re really keen to take on board everyone’s comments.

"We’re looking at three retail units and 40 apartments, but this could change following the consultation.

"I’d like to thank everyone who took the time to come along. We’re very excited about the opportunity to bring regeneration to this prominent location in Macclesfield."

Consultation are until May 22. Send comments to Dowd Town Planning at info@dowdplanning.com .