Wales regeneration scheme nears completion

The transformation of a Victorian railway building into an entertainment and business complex is nearing completion having secured a £2.9m investment from the Development Bank of Wales.

Due to open later this year, the 1880s goods shed on Hood Road, Barry is part of the Innovation Quarter at Barry Waterfront, a joint regeneration venture between the Vale of Glamorgan Council and the Welsh Government. The mixed-use scheme will include a shipping container village and apartment complex.

The fully let and sold scheme is being developed by DS Properties (Goods Shed) Limited and is expected to create around 150 jobs. Following careful planning in line with government guidelines, work on site has resumed following an initial pause at the start of the Covid-19 lockdown.

The £2.9 million loan from the Development Bank of Wales comes from the Wales Stalled Sites Fund. The fund provides loans for residential developments in Wales that are unable to be progressed with traditional development funding. Loans from £150,000 to £4 million are available up to 90% of Gross Development Value including up to 100% of build costs with terms of up to four years.

Simon Baston, managing director of DS Properties describes the scheme as the UK’s first ‘urban street’ with people able to live, work and play all on the site.

He said: ‘We’re bringing sustainable regeneration to communities across Wales. People want to identify with local heritage and culture in an environment that makes sense for how they want to live, work and shop.

‘High Streets are re-establishing themselves. It’s all about the experience and, with the help of the Development Bank of Wales, we’re working hard to rejuvenate local high streets and communities in some great locations so that they can become destinations in their own right. The social and economic impact of our work is far-reaching.

‘This isn’t just about creating jobs, it’s about reconnecting people with what matters to them by bringing a new life and sense of purpose to buildings that were once at the heart of the local community. That’s what is so important about our long-standing relationship with the Development Bank of Wales.’

Photo Credit – Development Bank of Wales.