Kingsway Regeneration to Boost Rental Demand

Kingsway Regeneration to Boost Rental Demand

Abigail Staniforth - 10th May 2018

Work has begun on transforming one of Swansea’s main city centre routes, paving the way for the creation of hundreds of jobs.

The £12 million investment in the Kingsway has been welcomed by business leaders and traders in the city, and this news marks the first tangible step in the regeneration promised by the Swansea Bay City Deal.

Leader of Swansea Council Rob Stewart said “The Kingsway transformation will create a greener environment, offering residents, visitors and those working in the digital village and in the city centre a friendly, welcoming area in which to do business.”

“This will help to attract jobs and investment and to support the new city centre we are building.”

Digital District set to attract jobs and investment

The work will set the scene for a new, state-of-the-art digital village development to be built on the site of the former Oceania nightclub.  The village will be for tech businesses to move into.

The redevelopment of the Kingsway includes cycle tracks, wider pavements, and landscaping to create a city park feel.  There will also be pedestrianised areas.

Stewart comments further, “This is real progress and it’s something people can see happening. It is not an artist impression but the first step in the transformation of our city that will benefit generations to come.”

“We want to transform the city centre into a vibrant and bustling centre for business and leisure. The investment in the new city green artery and new traffic system will prepare the Kingsway for its transformation into the Digital District as we start to deliver the £1.3bn City Deal projects.”

The entire Kingsway Regeneration is expected to be completed in Summer 2019.

Indoor Arena

In more good news for Swansea City Centre, an entertainment company behind a chain of theatres in the West End and Broadway have signed a long-term deal to run Swansea’s new indoor arena.

The 3,500 capacity venue is set to open in 2020, and aims to host theatre and big name artists, as well as conferences and exhibitions.  The Ambassador Theatre Group (ATG) said it would focus on “high quality and diverse content”.

Building work is due to start later this year on the side of the old St David’s Shopping Centre, and is part funded by the City Deal.

The first phase of the development will also include new multi-storey car parks, a hotel, and apartments.

Rental Demand to Grow

Managing Director McCartan Lettings Hannah McCartan comments, “This is a very exciting time for Swansea’s City Centre, which has been very run down for a long time now.

Demand for quality rental accommodation in the city will be increasing as the Kingsway becomes an enjoyable and welcoming area for jobs and leisure. Where there are jobs, there will be demand for accommodation.”

Check out McCartan’s Buy-to-Let Deal of the Month for this month – a studio apartment on St Helen’s Road – by clicking here.

If you are considering investing in property in Swansea and would like some free advice on where the best Buy-to-Let area for your investment needs, please give our office a call on 01792 430100, or click here to email us.

Sources: BBC / The Wave / Wales Online

Image Source: BBC

Related: Step Forward for Kingsway Regeneration and Tidal Lagoon / Update on Welsh Land Transaction Tax

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