North Cornwall District Council and the Launceston Forum Community Group are working on a bid to gain more than �1m of funding for the project.

The plans include the renovation of some historic buildings and the layout of the town square.

The chairman of the Launceston Forum Community Group said many people are already in favour of this work.

Chris Parsons said: "It's a unique opportunity for Launceston because we've talked about doing something in the square and surrounding streets for a long time.

"I think this time there's a real consensus that we could achieve a plan which suits everyone.

"It's particularly based on the commercial aspect to revive the town and make it better."