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Newport City Council is preparing a bid to buy the building containing the city centre’s former WH Smith and demolish it.

A new report shows cabinet members will consider a £455,000 purchase of the three-storey property at 166-168 Commercial Street.

It argues the move fits in with its plans to “stimulate the ongoing regeneration” of the city centre.

Following the proposed deal, the council expects the next steps would be a swift demolition of the building, which is currently empty.

The aim of the project would be “improving public space along Commercial Street after demolition”, according to the report.

No detailed proposals for that improvement have been set out, but the council’s placemaking plan – adopted last year – sets out general proposals for improving the look of the city centre, attracting more prosperity and footfall, and increasing the number of events.

The new report states “responding to vacant sites where the market is unlikely to deliver a solution is a central objective of the placemaking plan”.

The purchase of the Commercial Street property will come with some risks, however, including the possible presence of asbestos.

Shared walls with neighbouring properties will also have to be secured if the building is knocked down, and there are also safety concerns given its location in a prominent shopping street.

It is estimated the demolition project would cost nearly £40,000 on top of the purchase price.

Cabinet members are due to meet on Wednesday March 18 to discuss the proposals and make a decision on the property deal.