120 jobs boost for Swansea SA1 waterfront scheme
A MIXED use commercial development at Swanseas SA1 waterfront regeneration scheme was announced yesterday, with its developer saying it will create 120 new jobs.
Waterstone Estates (Swansea) has acquired a half acre site from the Welsh Assembly Government in a £9.2m deal.
The company has already secured Tesco and Whitbread as tenants for the scheme.
The proposed development will comprise approximately 63,000 sq ft of new commercial space, include a 132 bed hotel for Whitbread Group, together with a restaurant with views overlooking the Prince of Wales Dock.
A 4,500 sq ft unit has been pre-let to Tesco Stores for its Tesco Express convenience store format.
The news has been welcomed by Ieuan Wyn Jones, Minister for the Economy and Transport, who said the investment was all the more significant given the current economic conditions.
The Minister added: It does send out a strong vote of confidence and a signal that Wales is a place to do business. It also illustrates that high quality projects like SA1 continue to be an attractive proposition for developers and attracts high quality investment.
These new facilities on SA1 will benefit local residents and businesses and create jobs during the construction phase as well as the operational phase.
The investment will be of direct benefit to the wider South Wales economy as the development was designed by CW Architects of Cardiff.
The contract to build the scheme will be carried out by Bridgend based building contractor Jehu Project Services, while South Wales based consultants have been employed throughout the course of the design stage.
The scheme is being funded by Allied Irish Bank in Cardiff.
The new development will be on a prime site bordering Langdon Road and overlooking the 12 hectare Prince of Wales Dock which is the focal point of SA1 and is to be developed into a marina.
Simon Jehu, of Waterstone Estates Ltd, said: Our vision is to create a vibrant retail and leisure scheme that will integrate into the existing waterside development.
When completed a total of around 120 jobs will be created by Whitbread and Tesco and a significant number of jobs will be secured in the construction industry throughout the 18 month build and fit out contract.
Waterstone Estates is a South Wales based property company and part of the Jehu Group of companies which is set to have a turnover in excess of s40m in 2009.
It has carried out a number of developments for Tesco Stores and recently completed a speculative development of 26,000 sq ft of grade A offices in Waterton Park, Bridgend
SA1 is a s400m development by the Welsh Assembly Government which is transforming a disused dockland area into a dynamic and vibrant new quarter.
To date more than s38m has been invested by the Assembly Government with s150m of private sector investment already commenced or under contract, with a target of s400m private sector investment. The development has created 920 jobs to date with a target of 3,000.