The Infrastructure Minister is hopeful a new proposal to develop the old Lord Street bus station site can be brought forward sooner rather than later.

It's been over seven years since Askett Hawk successfully bid to build a four-star hotel, apartments and retail outlets there.

But recently the firm missed a deadline for a planning application, breaking an agreement with the Department of Infrastructure.

The DoI is now set to submit a paper to the Council of Ministers recommending the termination of the development agreement.

Minister David Cretney explains what will happen next: