An Abergavenny company has acquired a prime waterfront site on Swansea’s SA1 quarter where it plans to build a £10m residential development of traditional family homes.
Landas Ltd bought the 2.2 acre site on the east side of the Prince of Wales Dock from the Welsh Government where it plans to build fifty new homes.
The site, overlooking the 40 acre dock, is adjacent to the Hale Construction development where a range of family town houses are currently being built.
This area is earmarked for family homes as part of the overall strategy to ensure there is a balanced residential mix on SA1. There are currently more than 460 apartments on SA1, including over 200 units developed by social housing organisations.
This latest residential site attracted enquiries from more than ten UK developers when it went on the market.
Business Minister Edwina Hart said the continued interest in SA1, a £400million flagship development by the Welsh Government, is a sign of investor confidence.
“This is particularly pleasing news in the current economic climate and sends out a very positive message to investors and developers and supports the construction sector which is slowly recovering from the recession. There are now more than 2800 people working on SA1 which is set to increase as other developments come on stream.”
Landas Ltd is the development arm of DT Civils and this is its third investment on SA1 –the company is currently involved in developing a multi storey car park on the site and was responsible for restoring and renovating the historic Ice House, an art gallery and wine bar offering live entertainment and.
Work on their residential development is expected to start early 2012 and will support thirty construction jobs.
Mike Sibley of Landas said “Landas is delighted to have secured this site at SA1, which demonstrates our confidence and commitment in the SA1 development’
Receipts from the sale of sites is used by the Welsh Government to fund other infrastructure projects on SA1 and other sites in Wales.