The proposals include 600-bed student accommodation, 140 homes and a 60-room hotel as well as a convenience store and health centre.

The six acre site has been disused since the closure of the Sainsbury’s store five years ago.

A public consultation on the proposals is currently underway. The company said it had received “positive feedback” to the scheme following a meeting with 80 local residents earlier this week.

Stephen Fear, chairman of Fear Group and owner of the site said: “Newport is the centre of the new Severn Powerhouse region, lying mid-way between Bristol and Cardiff, it has in the past suffered due to the proximity of the two cities but now this will bring all the cities together.

“Newport is emerging as an exciting place to be with the New Friars Walk shopping centre and a number of developments around the area – including ours – all boosting the local economy and in turn building confidence that Newport is an excellent investment proposition.”

He added that the company was looking for a factory site in the city for a sustainable energy project that could potentially create 300 jobs.

Member of the public have until 1 May to comment on the scheme, with the developers hoping to submit plans by June 2015.

Fear Group, which was founded in 1969 as a chemicals manufacturer, now has interests in affordable housing, manufacturing, hotels, property investment, student accommodation and the care industry.

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