Waterstone Estates (Swansea) Ltd has acquired a half acre waterfront site from the Welsh Assembly Government and has secured Tesco and Whitbread as tenants for a new mixed use commercial development in the heart of SA1.
The proposed development will comprise approximately 63,000 sq ft of new high quality commercial space to include a 132 bed hotel for Whitbread Group Plc, 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 Ltd 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.
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 Ltd, 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.
Matt Bryant of Actoris Ltd, speaking for the developer, said:
We are proud to have worked closely with the Welsh Assembly Government to help create the next phase in this exciting redevelopment of the area.
Our vision is to transform the disused industrial site and 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 £40 million in 2009. It has carried out a number of developments for Tesco Stores Ltd and recently completed a speculative development of 26,000 sq ft of grade A offices in Waterton Park, Bridgend
SA1 is a £400million flagship development by the Welsh Assembly Government which is transforming a disused dockland area into a dynamic and vibrant new quarter.
To date more than £38m has been invested by the Assembly Government with £150m of private sector investment already commenced or under contract, with a target of £400m private sector investment. The development has created 920 jobs to date with a target of 3000.
20 November 2008