WALES first urban regeneration company is being launched today, promising to bring new opportunities to Newport and the whole region. ASHLEY NIELD and EDWARD DAVIE report.

There is unlimited potential in Newport - and the sky is the limit when it comes to what can be achieved when everyone pulls together to make it a better city.

That is the message of Newport Unlimited, Wales' first regeneration company, which was being launched today by First Minister Rhodri Morgan at the city's Tredegar House.

In an exclusive pre-launch briefing yesterday, Newport Unlimited's chief executive, Graham Moore, (pictured) told the Argus: "Winning city status and the Ryder Cup in 2010 has shown what we can achieve when we pull together with a shared vision. Ambition is unlimited and that's where our name comes from, we want to draw on everyone to deliver quality jobs, a quality environment and a great quality of life."

The company will be responsible for co-ordinating the economic regeneration strategy for the city.

With the financial backing and support from the National Assembly, Newport City Council and the Welsh Development Agency (WDA), Newport Unlimited can use the resources and expertise of those bodies.

The company has already hired leading transport, planning and other consultants in an ambitious long-term project to transform the city.

An extra £20 million from the WDA and the Assembly has already been made available to invest in projects co-ordinated by Newport Unlimited.

First Minister Mr Morgan said: "The end of iron and steelmaking at Llanwern marked the end of an era and a major challenge for Newport. The Team Wales response was the creation of the urban regeneration company.

"I am pleased that Newport Unlimited is now in place to take forward the partnership and the hard work we have seen already and build a brighter future for Wales' newest city."

Sir Harry Jones, leader of Newport City Council, said: "Newport Unlimited will be concerned with raising the quality of development in the city, attracting quality employment opportunities that will improve the quality of life for people in our city and region. We are determined that the whole area will benefit from the work of Newport Unlimited."

Chief executive Graham Moore also announced that the WDA in conjunction Newport Unlimited had bought the site of the former Pirelli factory. The plan is to relocate businesses that currently occupy key development sites in central Newport.

He also unveiled Delta House, a 38,000 square foot commercial property designed to attract new business at Queensway Meadows close to the troubled Corus plant at Llanwern.

Mr Moore said: "One of the main benefits of creating an urban regeneration company is to raise the profile of Newport with potential investors, and to build confidence in the city as a great place in which to invest and grow.

"The regeneration of New-port is a long-term process and we will take a lead in marketing the city and promoting specific sites. Economic development means our work will also include housing, shopping and promoting employment developments."