A major multi-million pound mixed-use scheme proposed for the John Frost Square area of Newport, South Wales, has moved closer with the exchange of the development agreement.

Newport City Council (NCC) is working alongside Queensberry on the project, which is set to deliver new retail, food and leisure facilities in the city centre.

A hotel, a cinema and restaurants are thought to be included as part of the development, with work due to commence on site in early 2013. Queensberry was named as NCC's preferred bidder in May this year.

NCC leader Matthew Evans said: "The council and Queensberry have completed the development agreement more quickly than expected which means the scheme is now ahead of schedule."

Queensberry managing director Paul Sargent added: "Having a solid, workable development agreement as a backdrop to this important project can only help to speed up the overall development programme."

The latest proposals come after a previous £200m scheme was shelved more than two years ago after Modus Corovest said it was unable to secure the necessary funding.

Details: www.newport.gov.uk