In a strategic move to help deliver its masterplan for the regeneration of seaside town Colwyn Bay, Conwy County Borough Council (CCBC) has for £1.5 million snapped up its sixth property, a 40,234 sq ft building pinpointed as potential council offices for the future.
Five other properties of strategic significance to the town have been bought to date, with assistance of Welsh Government, bringing the total value of all the properties acquired to £2.5 million.
Strategic acquisitions such as these give the Council full control of the future of the sites, including their development, and ultimately the regeneration of Colwyn Bay.
All six assets were acquired by CCBC’s Estates and Assets Management Section, with Knight Frank LLP and District Valuer Services advising on purchase prices.
This sixth, most recently purchased property, straddling the corner of Coed Pella Road and Conway Road, is already occupied and existing tenant leases will remain in place, their rental income covering the capital costs of buying the property.
Located at a prominent 1.28 acre site, the building comprises 8,555 sq ft of retail space on the ground floor and 31,679 sq ft of office space over three upper floors. It is currently occupied by DWP, HMRC and Coleg Llandrillo.
CCBC sees the purchase of this site as a long term investment, which better enables it to deliver its Masterplan. The purchase will also maximise the value of existing council assets adjoining the property, provide opportunities to achieve its office accommodation strategy and offer short, medium or long term options for the regeneration of the site.
Of the five previously purchased properties, three were located next to each other and have already been demolished by the Council to create a development site on Princes Drive.
Rob Dix from Bay Life said:
“The purchase of this new property is a smart, strategic move by the council, which will significantly benefit the town’s regeneration plans. What it means is that we have full control and flexibility over how the property is used and developed in the future. In addition, it will make bringing our plans to fruition a whole lot quicker and easier.
“This property has been pinpointed as future council offices, potentially bringing some 600 employees into the town and boosting its economy. This latest acquisition is yet another vital piece that’s been added to our regeneration jigsaw and it’s extremely heartening to see our plans for Colwyn Bay slowly but surely falling into place.”