AN AMBITIOUS multi-million pound project will create a “golden era” for Newport Market, with plans set to include a gym and serviced apartment hotel, the project's developer has said.

Last week, Newport City Council cabinet gave approval in principle to see a £12million scheme bring the Grade II-listed building back to life.

And now the man behind the project, Simon Baston of company Loft Co, has revealed more details of the exciting new project.

Some changes will be seen on the ground floor including a gym, children's play area, yoga room and smaller units being added; the first floor will have a tech hub and offices; the second and third floors will have 64 apartments facing the bus station; and a serviced apartment hotel comprising of 16 apartments above that.

“This is a golden era for Newport Market,” said Mr Baston.

“The project will transform the site.

"The serviced apartment hotel, performance space and apartments for people to live in are exciting things. The market stalls will be there too.

“Work on this iconic building will add to recent successes in Newport.”

The managing director, who is also behind successful projects such as Barry's Pumphouse and Cardiff Tramshed, said that the market will be brought “into the 21st century”.

He said: “We feel that the time is here that Newport needs a 24-hour hub.

“It will be for people to live, work and play in.

“I think it will be very popular with people across South Wales.

“It is an ambitious project and it will bring the market into the 21st century.”

He also believes that the project will have a massive, positive impact on businesses.

“The project will create some 300 jobs,” said Mr Baston.

“The tech hub will also operate on a 24-hour basis and will help businesses. People will be able to work there.”

Mr Baston said that his company decided to get involved with Newport Market for a number of reasons.

“Firstly, Newport Market is a beautiful and stunning building,” he said.

“To work in such an iconic building is a wonderful opportunity.

“Secondly, it has the space for everybody to enjoy it.

“We also want to see this city grow. It is Newport’s turn to have this type of regeneration.

“We at Loft Co see Newport Market as a perfect template for a sustainable live and work basis.”

He added: “I would also like to thank Newport City Council for being massively co-operative and for giving us this new and exciting opportunity.”

If planning permission is granted, work will commence and is scheduled to be completed within 18 months.

For more on Newport Market's future click here

Read all about how traders reacted to news of the development here

Newport's historic Market Arcade will also be restored