A £12 MILLION redevelopment of Newport’s historic market could help the city prosper in a “golden age”, the man behind the project has said.

Simon Baston, managing director of Loft Co, has outlined his ambitions to give the grade-two listed building a more sustainable future.

The plans aim to create a “market for the 21st century”, while bringing a tech hub, flats, hotel accommodation, a virtual gaming space, gym and cinema to the building.

It is thought to be the largest mixed-use redevelopment of a market in the UK.

Mr Baston says the market itself will be “the most important part” of the redevelopment, with stalls and a food court in the centre.

A 24/7 tech hub will be located on the first floor, offering a collaborative working space for businesses.

A leisure wing is planned at the back of the building, with a gym, small children’s play area and a free cinema showing films three days a week.

Working with two housing associations, 48 apartments are planned, while on the top of the building, a 16-apartment hotel will be located.

A virtual gaming space and around 25 small offices also form part of the scheme.

The front of the building would be mostly kept the same with a pop-up bar opening on Friday and Saturday.

Mr Baston says the scheme will offer the community a place with “everything under one roof.”

“Newport is ready to strike in a golden age,” he said.

The revamp is estimated to create more than 300 jobs, bring investment into the city of £50-60 million over five years and increase footfall in the market by at least five times.

But, while all current traders will be offered a place in the redeveloped market, Mr Baston says there will be “different terms and conditions.”

Several traders have expressed fears they will have to relocate.

Mohammed Javid, owner of Capitol Taxis based in the market, said his firm is an established business, and that any move away would do more harm than good.

He said: "We have a prime position here and if I have to move my business somewhere else I’ll have to close my doors.

"I’ve never missed my rent, I’m completely debt-free. What they’re doing is wrong."

Davies Florist, a family business which has been on Upper Dock Street for 42 years, raised concerns there was no negotiation with traders over whether the scheme was going ahead.

Brenda Church, owner of Chloe’s Hair and Beauty, worries about the future of her business.

"I employ four members of staff here and I would probably have to let people go, which I don’t want," she added.

Mr Baston said the market has been "let down by a lot of people paying not a lot."

Rents and service charges will have to be "brought in line", with everybody paying the same.

But there might be some businesses that "simply don't fit inside here anymore", Mr Baston says.

While ideally everybody will be given an opportunity, he says the scheme cannot can be "all things to all people."

"We accept that we have probably been a little bit blunt at times because it's hard for us, people have been here 30 or 40 years and it's part of the fabric of their life," he said.

"We are genuinely trying to factor that into what we do.

"I temper that though with the fact this has to be commercially successful."

A planning application is hoped to be submitted in January, with work potentially starting in June and estimated to take between 18 months and two years to complete.