A FIRM’S bid to revolutionise a Gwent town’s riverside with a £40 million development of flats and offices is a step closer this week.

Developer Chepstow Properties wants to transform the site of a current brush factory at the town’s Lower Church Street into residential and business accommodation.

Now the landowner made a formal application for planning permission from Monmouthshire Council.

The company wants to turn land currently occupied by Osborn International into a development of 150 to 160 homes.

It will include mews and town houses and flats designed to fit with the style of the area of Lower Chepstow, and a riverside cafe development with a cantilevered platform over the riverbank.

A wide central public square will link the Wye to the estate and Chepstow town, and will include water features, a raised lawn and a play area.

It is envisaged the project will also link up to the nearby Severn Princess ferry, which local people plan to restore as a museum.

Affordable housing will make up 20 per cent of the homes at the site, while 4,500 square feet of office space will be available.

The Argus previously reported that Osborn International is to seek a new site next year.

Company director Peter Mills although there were some design changes over the last few months, overall the scheme remained the same.

He said the project was linked to the creating a new route for pedestrians to the riverside.

“We will be creating open gardens and spaces with better links to the town and Tesco,” he said.