The anticipated opening of a prestigious new building on the site of Swansea’s former Oceana nightclub has faced delays, as reported by Wales Online. The leader of Swansea Council, Cllr Rob Stewart, has shed light on the reasons behind the setback, stating that additional works were required at 71/72 The Kingsway after the initial target completion date of March 31. Moreover, damaged cables in Picton Lane were identified, further contributing to the postponement.
Following a written query from Uplands Party councillors seeking clarification on the situation and the extent of pre-let tenancies in the building, Cllr Stewart revealed that the original completion date was pushed back to early August due to fit-out work requested from the contractor, Bouygues. Issues with damaged cabling were also addressed to ensure a smoother progression of the project.
Despite the delays, Cllr Stewart emphasised that significant progress had been made, with agreements in place for around 70% of the office space to be let. The aim is to accommodate as many as 600 workers in the new building, which aims to provide high-quality office space, filling a gap identified in Swansea’s office market landscape.
The investment in 71/72 The Kingsway amounts to £24.6 million, with a substantial contribution of £13.7 million from the central Government through the city deal for the Swansea Bay region. The city deal, designed to stimulate economic growth, has also allocated funds towards the construction of Swansea Arena and a proposed adjacent hotel.
Cllr Stewart highlighted the positive ripple effects of the city deal, citing private investments in the city centre, including residential developments and a significant office building project. In tandem with the city’s growth trajectory, Swansea has seen a surge in office rental demand, with office vacancy rates reaching a record low of 3.5%, positioning the city as an attractive location for businesses.
Looking ahead, Swansea is poised to witness further transformations in its central business district, with upcoming projects like the renovated Palace Theatre and the completion of 71/72 The Kingsway expected to bolster the city’s appeal to local enterprises. The delivery of new office space is anticipated to draw interest from businesses seeking to establish a presence in Swansea’s thriving commercial landscape.
In conclusion, while the opening of 71/72 The Kingsway may have encountered delays, the strategic investments and developments underway in Swansea underscore a promising future for the city’s economic vitality and business growth.