PLANS for a 'Medi Park' on the site of the new Grange University Hospital near Cwmbran have moved a step closer.

The business case for the proposed facility - which will include a new office, research and development and high quality production space within the new hospital campus in Llanfrechfa - has been approved by Torfaen County Borough Council’s cabinet.

The park has been described as a “council project of a generation”.

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The council’s chief officer for neighbourhoods, planning and public protection, Rachel Jowitt, said the hub will cost £10.7 million and is expected to operate a surplus.

She said: “This could be a council project of a generation.”

The council’s cabinet member for economy, skills and regeneration, Cllr Joanne Gauden said the Medi Park has the potential to generate £59 million in gross value added (GVA).

GVA is the measure of the value of goods and services produced in a sector of an economy.

Cllr Gauden said: “The project will need to progress through the business planning stages and consider a report to move cabinet to the next stage.

“This project really does have the potential to be transformational for our local economy, particularly if we can join up with other life science developments across the city region.”

More than 140 jobs could be created if the project was to go ahead.

The council’s chief executive, Alison Ward, said: “This is a big project and there are big costs and there are risks, but really is one of the most exciting things that we’ve worked on in Torfaen for a long time.”