A regeneration initiative for Newport in south Wales – which hopes to attract £93m of public and private sector funds – has signed up its first private developer for a key town centre site.
Cardiff developer Brunswick is to redevelop the 5,574 sq m (60,000 sq ft) former post office as a £6.6m retail and licensed leisure operation with car parking.
The initiative’s co-ordinating body, the Newport Development Board, is now looking for up to £60m of private sector funds to secure the development of a business park and another town centre retail site.
Commercial development sites such as AMP’s land on Commercial Street and the former Queen’s School site have also been earmarked for retail development by the NDB.
The initiative is intended to spearhead the fight back against the regeneration of Cardiff Bay and also to capitalise on Lucky Goldstar’s recent investment in the region. Regeneration of Newport centres around the River Usk waterfront has been delayed following the failure of a proposed barrage plan last year.
The Newport Development Board comprises representatives of the WDA, Welsh Office and Newport County Borough Council.
EGi News 21/03/97
