SENIOR Torfaen councillors have welcomed a report that will see the local authority bid for millions of pounds in regeneration funding, to create a ‘21st Century Pontypool’ and a canalside quarter in Cwmbran.

Torfaen County Borough Council (TCBC) is one of 11 local authorities to proceed to the second stage of the Welsh Government Vibrant and Viable Places Programme.

It seeks to improve ‘failing town centres’, provide new houses and create jobs in Communities First areas. among other objectives.

Torfaen council is aiming to progress an £80 million project, focusing around the creation of a new ‘residential led mixed use destination on the M&B Canal adjacent to Cwmbran town centre’. It would feature a new canal basin and cultural centre. There are also plans to create a ‘transport interchange’ at Pontypool/ New Inn Station, refurbish Pontypool Hypervalue, for both commercial and residential uses, renovate St James’s Church as a community space and concentrate retail in the core of Pontypool, with housing on the edges.

It is estimated that investment levered from the restoration would be in the region of £126 million, with 1,709 jobs created, 263 people supported into work and 285 new or improved homes.

The figures were calculated by evaluation consultants Wavehill. In presenting the report to cabinet yesterday, Christina Harrhy, chief officer of neighbourhood services, called it a “significant project”. The report says: “The focus is on linking people to employment opportunities provided through improved transport and digital infrastructure, training and the delivery of key housing and mixed use development around Pontypool and at Canalside, Cwmbran, and the restoration of Monmouthshire and Brecon Canal.”

The Welsh Government would be asked to put in £13m from the viable places programme, with the bulk of funding coming from private and third sector contributions.

Cabinet vice-chairman Councillor Lewis Jones said: “This would fly in the face of a national trend whereby town centres are slowly dying. It would be a huge boost for Torfaen.”

Council leader Cllr Bob Wellington said: “It’s hugely important and would touch most of the borough.”