A PUBLIC exhibition is to be held next week to reveal the latest multi-million pound proposal to develop a landmark site which has been derelict for more than a decade.

The Commercial Estate Group and Hallam Land Management are considering a joint development of the former Cape Asbestos site, in Bowburn, Durham City.

The 28-acre site was home to the factory, which employed 170 people, until its closure in 1989.

The plant was eventually demolished in 1992, but residents have long complained that the derelict site remains an eyesore and some fear that the land could still be contaminated.

Earlier proposals from Bellway Homes to develop the site for housing were rejected after a protracted planning process.

An appraisal carried out in 1998 concluded that residents wanted a development which created jobs, rather than housing.

The following year, Helios Properties submitted plans to develop 18 manufacturing units on the site, with the potential for 1,700 jobs, but the proposal eventually came to nothing.

Now, a two-day exhibition showing the latest proposal for the site is to open at Bowburn Community Centre on Monday.

A public consultation was carried out by the developers in September, to determine what residents wanted to see on the site, and the exhibition outlines several options for the layout of any future development.

The proposals include industrial, office and housing developments, along with a park along Durham Road, a children's play area and wildlife habitats.

The exhibition will include display boards outlining the various options and, from 4pm to 8pm on Tuesday, representatives from both developers will be available to answer questions.

Dillon Butters, of Hallam Land Management, said: "Our proposals offer the only realistic prospect of returning the site to use.

"The alternative is that it remains a derelict eyesore, alongside a key approach into and out of one of the region's most important cities."

He added: "There is a momentum of community regeneration in the local area, to which our proposals could make a very significant contribution."

A spokesman for the developers said they anticipate lodging a firm planning proposal with Durham City Council early in the New Year.