News from Hodge Bank
Hodge Bank gives backing to Mumbles scheme
The company behind Oyster Wharf in Swansea is predicting its £5.5m investment in the site will bring around 80 new jobs when complete next summer.
Nextcolour Ltd report that the former Mumbles cinema and amusement arcade also has the potential to reinvigorate the waterfront site and has already signed up restaurants including the award-winning Le Bistrot Pierre.
Cardiff's Hodge Bank has injected £3.6m to help bring the scheme to fruition, confident it will be welcomed by locals and visitors alike.
Paul Williams, a relationship manager with Hodge Bank, said: “Nextcolour's vision is very soundly based. Its site overlooking Swansea Bay provides a wonderful setting that's already attracted a supermarket and three restaurants.
“This is the bank's first deal with Nextcolour and we can see the company making a very valuable contribution to the local economy with Seasalt and Joules also heading for Oyster Wharf.”
Around 25,000 square feet will be available for retail and restaurant use with Prezzo and the Loungers café bar also committing to the Mumbles scheme with construction due to start shortly.
James Morse, commercial director at Nextcolour Developments Ltd, said: “Having owned the land for a number of years, we have long held the view that, if redeveloped, it would make a wonderful, attractive addition to the Mumbles waterfront.
“We are delighted that the project is underway and that our wish to retain Art Deco-inspired aspects of the original building has been supported.
“The development will be an all-Wales project, with funding by Hodge Bank and the building contract going to T Richard Jones in Ammanford.”