THE drive to unleash the full potential of Wales' newest city was unveiled yesterday, as planners and politicians celebrated Newport Unlimited.

The launch of Wales' first urban regeneration company, at Tredegar House, was described as a new beginning for the city.

As the Argus reported yesterday, Newport Unlimited has £30 million of public money to spend over the next ten years as it acts as a catalyst for growth.

Assembly First Minister Rhodri Morgan - who unveiled the new company's logo which shows a series of coloured 'thought bubbles' emerging from the 'o' in Newport - said: "The genesis of this company came just over two years ago in the wake of the dreadful news of the Corus closures.

"Back then it was decided that all the Gwent councils plus the WDA and Assembly would work together to regenerate the area. Much has been achieved already, particularly around the M4 junctions 24 and 28.

"What we now must guarantee is that the city centre - which is like the space between two ends of a dumbell - does not get left behind."

Newport council leader Sir Harry Jones said the city council was "delighted" its plan to found the first regeneration company in Wales - after watching successful experiments in England - was adopted into the Assembly's Corus recovery measures.

He added Newport's past had seen a number of "false dawns", but felt that with the teamwork of all the Gwent councils, the WDA and the Assembly behind it, Newport Unlimited was the start of something big.

Newport Unlimited chief executive Graham Moore outlined initiatives including the multi-million-pound acquisition of the former Pirelli Cables site on Telford Street. This will be used to relocate any businesses whose sites might otherwise block redevelopment of the centre.

He also announced the completion of Delta House, an award-winning 38,000-square-foot office/factory at Queensway Meadows.

Mr Moore said: "Regeneration on this scale is a long-term mission. "Every journey begins with one step and we have now embarked on that journey. We look forward to working with you all."

International planning consultants Skidmore, Owings & Merrill (SOM) were appointed by Newport Unlimited to devise a masterplan for development based on extensive consultation. SOM's Roger Coleman said regeneration would take 15 to 20 years.