Top celebrities expected to buy de luxe Chepstow homes
Chepstow's largest and most expensive property development since 1067 is finally under way.
Building work at Severn Quay began on Monday morning, three weeks later than originally planned.
The exclusive development promises to transform the neglected face of the riverside through the creation of almost 170 "truly luxurious" townhouses, apartments and office units.
It is understood that the development --- where penthouses will top £4750,000 --- has already attracted the attention of a number of A-list celebrities, and has won the hearts of locals and visitors alike.
It will also provide a "very welcome and significant" boost to the local economy.
Experts believe the influx of affluent new residents could inject up to £1million into the town and surrounding region each year.
The 2.4-hectare development on Lower Church Street is thought to be the single biggest building project of its kind in the town since the construction of Chepstow Castle in the 11th Century.
At more than £40million, it will also be the most expensive.
Development Director Peter Mills said Severn Quay is set to become the area's third major landmark.He said: "Severn Quay is a long-awaited, eagerly-anticipated and much-needed addition to Chepstow that will benefit the town and all of its residents.
"It will completely transform a derelict and neglected part of the riverside, while giving the local economy a vital cash injection.
"We anticipate that the development will become a major landmark in the region, alongside Chepstow Castle and Tintern Abbey and the team and I are looking forward to bringing this exciting project to fruition."
The development was given the green light by planners at Monmouthshire County Council last March.
Within weeks, the tired Osborn International factory and Furniture Smart buildings were demolished and builders were on target to start work last month.
But the project ground to a halt three weeks ago after workmen discovered the remains of what is believed to be a medieval wall --- ruins protected by law.
Archaeologists remain on site, but have now given phase one of the building works --- the creation of three top-end townhouses --- the go-ahead.
It is still unclear how long the entire development --- 56 houses, 113 apartments, and eight office units --- will take to complete, but initial proposals suggest at least two years.
The project includes the transformation of the riverbank by creating a promenade and lookout deck over the River Wye.
Provision has also been made for a play area, and a courtyard and lawn to be used as public open space.
Residents and local councillors yesterday welcomed the start of the building work and claimed that Severn Quay will be viewed as a "lasting legacy" for decades to come.
Paul Pavia, the prospective Council candidate for the St Mary's ward, said: "Chepstow and Monmouthshire generally have needed a development of this calibre for some time, and I for one cannot wait to see the transformation that it will make to this part of the town."
Former mayor and prospective Council candidate Marian Lewis added: "This is going to be a fantastic development that will change the face of this town forever."
And Roy Garner, the prospective Council candidate for the Larkfield Ward, said: "Severn Quay is a deluxe development that will become a lasting legacy for the region."
Mr Mills, of Wynndel, said the properties will all be built to the highest specification, adding: "Once a neglected industrial site, the stunning new development is set to play an integral part in the regeneration of the picturesque town of Chepstow."
A spokesman for Monmouthshire County Council said: "We are pleased that work at Severn Quay has begun, and we look forward to following the development's progress."
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