LONG-AWAITED plans to revamp Newport city centre took a major step forward yesterday after a preferred bidder for the multi-million pound retail scheme was named.

Queensberry, a company linked to a developer with several shopping centre schemes under its belt, will take on the redevelopment of John Frost Square after being chosen from a shortlist following a tendering process.

The firm is responsible for managing the assets of Multi Corporation in the UK and past projects include the award-winning schemes of SouthGate Bath shopping centre and Victoria Square shopping centre in Belfast.

Negotiations will now start between Newport council and Queensberry to finalise a development agreement, which is expected to be completed this autumn.

Potential developers for the scheme, which include a cinema, restaurants and shops linking Commercial Street to the riverfront had to express an interest by December last year but one was not expected to be named until July.

As the council was keen to develop the scheme, the preferred bidder was named earlier than expected.

Leader of the council, Matthew Evans, said he looked forward to a "fruitful partnership" with Queensberry.

He said: "While there are still legal and other processes that have to be followed, I believe this is a major milestone in the road to finally bringing the retail scheme Newport needs and deserves to the city.

Deputy leader and cabinet member for redevelopment and economic regeneration, Ed Townsend, added: "I am optimistic the council has found a partner that can make the vision of a revitalised city centre a reality."

Managing director of Queensberry, Paul Sargent, said the firm was very happy about being chosen and was keen to get started as soon as possible.

He said: "We are still facing a challenging market and will have obstacles to overcome but we are confident that with the right approach we can bring about a retail scheme that will have the necessary regenerative effect in Newport in the very near future."

In 2009, the vision of a £200 million new shopping centre evaporated when developer Modus Corovest revealed it could not see the Friars Walk project through but cabinet members subsequently decided to gain control of the area so it would be ready for another developer.