Development Bank of Wales Delivers £2.9 million for The Goods Shed
The transformation of a Victorian railway building into an entertainment and business complex is nearing completion having secured a £2.9 million investment from the Development Bank of Wales.
Due to open in the Summer of 2020, the 1880s goods shed on Hood Road, Barry is part of the Innovation Quarter at Barry Waterfront, a joint regeneration venture between the Vale of Glamorgan Council and the Welsh Government. The mixed-use scheme will include a shipping container village and apartment complex.
The fully let and sold scheme is being developed by award winning DS Properties (Goods Shed) Limited and is expected to create around 150 jobs. Following careful planning in line with Government guidelines, work on site has resumed following an initial pause at the start of the Covid-19 lock down.
DS Properties (Goods Shed) Limited trade as the Loft Co. Simon Baston, Managing Director of DS Properties describes the scheme as the UK’s first urban street, with people able to live, work and play all on the site. He 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 £2.9 million 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 £4 million 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 development of the Goods Shed 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.
Simon Baston added: “The great thing about working with Nicola and the team at the Development Bank of Wales is that they get what we’re all about and are prepared to put their money where their mouth is with investment that drives real change. Our developments aren’t faceless out of town projects. We’re not a developer that offers cookie cutter schemes, social impact is at the forefront of our thoughts. We care about doing the right thing for people and places.”
Loft Co’s developments include the Tramshed in Cardiff, now a popular music venue, with bars, restaurants, techhub, and offices. The Pumphouse in Barry is a Grade II listed building from the 1880s that is now home to a gym, coffee shop and renowned restaurant, as well as live/work apartments. The project won several awards nationally. Loft Co was also behind the rejuvenation of the oldest listed bonded warehouse in Wales. The Jennings in Porthcawl is now home to restaurants and live/work units.