Caernarfon's Victoria Dock is set for a new role

The developers hope the scheme will draw people back to Caernarfon and will create an all-year-round, commercial centre which will emphasise what they call Caernarfon's "role as the leading media centre in Wales."

"This is an opportunity to reverse the recent decline of Caernarfon's fortunes and restore its position as the premier tourist destination in north Wales," the developers said in a statement.

The proposals include plans for a cinema/theatre and an aquarium.

There would be parking spaces for over 1,100 cars and 28 coach parking spaces within walking distance of the dock area.

The application includes a Retail Impact Study, which was commissioned by the Welsh Development Agency and Gwynedd Council.

It estimates that the development would attract an additional 500,000 visitors to Caernarfon, with a turnover of �10.5 million a year.

The developers admit there would be some effect on retail sales in the town centre but they claim this would be off-set by the increase in visitors to the town.

In another jobs boost for north west Wales, the Taiwan-based company Cycle Citi has also announced plans to open a factory in Bangor.