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Plans to transform Cardiff Central Station to be at the heart of one of the most ambitious commercial development schemes ever seen in Wales can be exclusively revealed today.

While currently at a “visionary” early stage, the scheme, which would cost hundreds of millions of pounds, would see the current railway station transformed with a significant increase in the size of its concourse – its existing art deco designed facade maintained – and potentially more than 340,000 sq ft of new office and retail space built within its enlarged footprint and on land on its south side.

Like landmark projects at other UK stations such as St Pancras and King’s Cross in London and Birmingham New Street, it will be far more than just a place to access train services, but a vibrant business, retail and leisure destination in its own right.

Cardiff Central's future, present and past:

If realised it would also have a hugely positive economic impact on the city and its efforts in attracting more jobs and investment – working alongside the Capital Square scheme in front of the train station, which will be location for BBC Wales new 135,000 sq ft new headquarters, and the wider Central Cardiff Enterprise Zone.

The investment is needed to accommodate growing passenger levels at the station– which last experienced an increase of 100,000 to just over 13 million. Commuter numbers into Cardiff are forecast to increase again by 67% by 2023.

Read:'An ambitious plan that's desperately needed': Sion Barry on plans to transform Cardiff Central Station

Read: What you're saying about the new Cardiff Central station

The plans are being driven by route managing director of Network Rail Wales, Mark Langman and his team.

Working with Cardiff-based architects Powell Dobson over the last eight months on a masterplan, Network Rail will now work up a more detailed design and business case with a view to submitting its plans to the UK Government’s Department of Transport for inclusion in the next round of funding for major rail infrastructure projects – the so called control period six (CP6) from 2019 to 2024.

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Network Rail Wales is looking to build a team Wales approach to realising the project – which already has the backing of the Welsh Government and Cardiff Council.

Confirmation of approval from the DfT would come in the High Level Output Specification statement in 2017, which will outline which projects will be taken forward for funding in CP6.

The ambitious project could include:

* The front of the station begin expanded outwards with a strikingly designed wave effect roof – similar to the that on the Senedd building – and a glass frontage allowing for the existing 1920s existing facade to be clearly visible and maintained;

* The station’s expanded concourse providing some 40,000 sq ft of new retail space with a mezzanine floor;

* A 30-metre wide public thoroughfare at the heart of the station with retail space along its length to the south side and passenger access to the stations’ eight platforms;

* On the south side, up to 300,000 sq ft of new mixed-use commercial development with the potential for a significant amount of grade A office space;

* Potentially a separate building on the south side to house stakeholders in the rail industry in Wales, including Network Rail and which ever company operates the next Wales and borders franchise from 2018; and

* A new multi-storey car park with up to 900 spaces on the south side close to SA Brain & Co brewery site.

Subject to approval work, the project could start in 2020. However, it is possible that construction of the multi-storey car and commercial developments on the three acres of land on the south side owned by Network could start before then.

Mr Langman said: “What we want to create is a destination in its own right rather like St Pancras in London. You will go there because it is actually a place you go to meet and not just for rail travel... in what would be a show-stopper development benefiting the capital city.

“We also we have to think about servicing increased passenger demand now as the current station just could not cope with projected increases.

“The station area is a prime location for commercial development, as the BBC Wales headquarter announcement shows, and we are really excited by it. This is a unique opportunity to create a new station environment that is a fitting entrance to the capital city of Wales.

"We’re pleased to be working with the Welsh Government, Cardiff Council and industry partners, including Arriva Trains Wales, to enhance the city and the quality of transport in the region.

“Our plans will help deliver a vastly improved experience for the tens of thousands of passengers that use the station every day. It will be the focal point of the Central Cardiff Enterprise Zone and will seamlessly blend our significant investment programme, including the re-signalling scheme and electrification, with other improvements to the local urban environment.”

Ian Bullock, managing director for Arriva Trains Wales, said: “We have seen a significant increase in passenger numbers using trains into Cardiff Central Station and this is forecast to grow significantly in the future.

“We are excited by the plans being developed and look forward to working with all parties to ensure that the needs of passengers and staff are met.

"A particular aspect we look forward to developing with partners is for those using the station following special events in the city. The plans have the potential to make Cardiff Central a landmark station not only for Cardiff, but the railway nationally.”

Network could look to exploit commercial opportunities in and around the station in partnership with the private sector. Revenues generated would help offset the infrastructure improvements in the station itself.

With the existing bus depot in front of the station having to make way for the BBC Wales HQ, Cardiff Council has begun a public consultation exercise on where to locate a replacement bus station – located in a transport hub also serving taxis coach operators, cyclist and potentially an interchange for the proposed South-East Metro transport network and its route to Cardiff Bay.

Cardiff council has identified two sites for the transport hub: land at the current site of Marland House and the NCP car park north of the train station and Network Rail’s existing surface car park just to the south of the train station.

Mr Langman said: "Our view is that a world-class multi-model transport interchange could be created on the north side and we are talking to Cardiff council and working with them on integrating plans. It is really important to us that we realise the commercial potential of the value of our estate to help make this exciting vision for the station become a reality."