THE LONG awaited restoration of Newport Art College is set to be completed after receivers said building work to finish is under way.

Receiver Andrew Hughes of Alder King said plans to transform the former college into 66 luxury apartments could be finished in six months time.

The company, which took over the site last May after the previous owner faced financial troubles, said it took the decision following the completion of a review into whether it can go ahead.

The Newport Art College, which was given a grade II listing by Cadw in 1997, became derelict after the building was vacated in the early 1990s.

Mr Hughes told the Argus that work to complete the transformation of the building into apartments as previously planned is under way.

He said: “It is expected the work to complete the development will take approximately six months and marketing will commence around this time.

“The decision to proceed was made following the completion of a complex viability study and cost review process.”

Mr Hughes said the investment bank Close Brothers - the original funders of the project - will continue to fund the scheme.

In 2007 we reported that one-bedroom flats were expected to start from £129,000, but with the property market having changed radically since then it is not currently known how much the flats would go on the market for now.

The firm said prices for the flats will not be set until closer to marketing time, and would not comment as to how much the development is currently worth.

The one bedroom to four bedroom apartments will be available for purchase by owner occupiers and investors.

The Argus previously reported that 65 to 70 per cent of the development was finished, with much external work finished.

Scaffolding around the building has been removed.

EDITORIAL COMMENT: Restoration is chink of light for city

IT’S good to hear that, at last, work is drawing to a conclusion in Newport’s Art College after years of complications and problems.

Receiver Alder King has confirmed that work to complete the inside of the luxury apartment complex should be finished in six months.

It would be silly of us, given the problems in the past, to go over the top with euphoria, but it is good news and a move that should be welcomed.

Once complete, the building will become one of the centrepieces of the riverfront revitalisation along with Newport University and the Riverfront Theatre.

One only has to take a look at pictures of the inside of the building to see how prestigious the apartments are.

These are high-end, luxury flats within a building we should all be proud of. A building that signifies another significant step in the, albeit long drawn out, rejuvenation of our city.

Projects have stalled because of the recession - that is something that could not be foreseen.

However, the Art College completion provides a chink of light.

We hope the work is completed in the six months and without further delays or complications.

The sooner people see completed projects the sooner we can start to get a more feel-good vibe about Newport.