Fear Group Announce £60 Million Regeneration Scheme for Newport City Centre
Stephen and Leon Fear who jointly control Fear Group have revealed today that they have submitted plans to Newport City Council for a £60M redevelopment of a ﬁve and a half acre former Sainsbury’s site on the riverfront in Newport.
The proposals, which were welcomed by local residents at a public consultation event in the Spring, include a 601 bedroom student village, an 84 bedroom hotel, a health plaza, convenience store and 144 residential units including affordable homes which will be delivered in partnership with Newport City Homes.
Director Leon Fear commented “We have long believed in the future of Newport as a key strategic location and look forward to delivering this important regeneration project to form the next chapter in Newport’s emergence as a regional powerhouse.”
Dr Stephen Fear revealed that the organisation he originally created in 1969 and which has evolved into a multi-faceted international business with it’s roots in property, is also actively looking at other opportunities in the City, and said “Fear Group is currently in negotiations to bring a cutting edge green technology business to Newport which may create up to 300 jobs.”
The site was home to Sainsbury’s until they sold it in 2010 to a Fear associated company, and moved a mile away to a bigger store. Plans include the demolition of the vacant 57,000 sq ft store and the creation of a boardwalk in to the city centre and the new Friar’s Walk shopping centre which opens in November.