Plans include a 450 berth marina, 253 new residential apartments and a 19 acre platform for the potential expansion of the existing Stena Line port.

Robert Ware, Chief Executive of Conygar, said: “This exciting proposal will transform the area and bring significant benefits to the town and region as a whole.

“Clearly we expect a complex scheme of this nature to receive considerable scrutiny and the forthcoming planning process will undoubtedly result in a comprehensive assessment of the proposals, but we are hopeful the scheme will receive the backing we believe it deserves.”

Councillor John Davies, Leader of Pembrokeshire County Council said: “The operation of Fishguard Harbour is central to the economy of the whole of the north of Pembrokeshire.

“There is no doubt that development is needed in order to secure the future of the ferryport and to provide and sustain jobs for the area.

“It is heartening that in these difficult financial times, major companies of this sort have sufficient confidence in Pembrokeshire to come forward with this sort of investment.”