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£200m Newport scheme put on hold
By Pete Hayman
Plans for a £200m retail-led development in the centre of Newport, South Wales, have been shelved after the developer behind the scheme was unable to secure the necessary funding.
A four-star hotel, a multiplex cinema and a new restaurant quarter were included in Modus Corovest's proposals for the Friars Walk scheme, as well as 450,000sq ft (41,806sq m) of retail space, a new bus station and 250 residential apartments.
,p> Newport City Council (NCC) has now decided to take greater control of the development in order to finalise the compulsory purchase scheme around John Frost Square, with most of the groundwork already completed and planning permission in place. The council's cabinet will meet on 16 June to approve the proposals, which will result in the site being put back on the market in a bid to move the redevelopment plans forward.Matthew Evans, NCC leader, said: "We have done all we can as a council to get this scheme to the stage where the developers had to come up with the funding and go on site. They have failed to do this and have now told us that because of the economic downturn they are currently not in a position to deliver the intended scheme. "Such is the importance of this project for Newport we are not prepared to accept a scaled down version and will therefore open up the scheme to other interested parties."
Plans for a £200m retail-led development in the centre of Newport, South Wales, have been shelved after the developer behind the scheme was unable to secure the necessary funding.
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