Rail shed regeneration to be completed with £2.9m investment loan
A PROJECT to transform a Victorian railway building in Barry into a new retail and apartment scheme is near completion after securing a £2.9m investment from the Development Bank of Wales.
Due to open this summer, the Goodshed scheme, in Hood Road, Barry, is part of the Innovation Quarter at Barry Waterfront. It will include a shipping container village and apartment complex.
The now fully let and sold scheme is being developed by DS Properties and is expected to create about 150 jobs.
There are plans to create a big screen on the side of the shipping containers showing films and sports events.
In addition, the developer is looking to convert a small number of traditional railway carriages into a farmer’s market-style retail setting to include a butchers, bakers and florist.
Following planning in line with government guidelines, work on site has resumed following a pause at the start of the Covid-19 lockdown.
DS Properties trade as the Loft Co. Its managing director, Simon Baston, 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.”
The £2.9m 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 £4m are available up to 90% of gross development value including up to 100% of build costs with terms of up to four years.
Nicola Crocker, of the Development Bank of Wales, said: “The
Goodshed will see a heritage brick railway building brought back to life and become home to around 30 new businesses.
“The social and economic impact of this superb regeneration scheme is profound as the development will grow organically, creating around 150 jobs and attracting visitors to the area.
“We are delighted that work has been able to resume safely on site and to be playing our part in bringing this exciting development to fruition.”