A £2.14 million town centre property investment fund could enable significant private sector investment into Newtown and several other Mid Wales town centres, according to one of the area’s building design and planning practices.
After it emerged the Arcadia Group is likely to close its Dorothy Perkins and Burtons store in Broad Street Newtown, a share of the Welsh Government's £2.14million property investment grant could help other retailers and residential property owners in the town centre help to invigorate it.
The Welsh Government has announced £1.5 million towards a new £2.14 million Town Centre Property Investment Fund for Newtown, Llandrindod Wells and Brecon in Powys and Llandysul, Tregaron and Lampeter in Ceredigion.
“There are many commercial and residential properties in these town centres that could benefit from the fund, enabling additional private sector investment,” said Doug Hughes, managing director and principal architect at Newtown-based Hughes Architects.
“We’ve already seen and been involved in several key projects in Newtown and other town centres that have been enabled by similar financial support.
“This is a great opportunity to help regenerate the town centres with a mix of residential and commercial properties, injecting vibrancy back into these key communities.”
Mr Hughes said in some cases there had been a reluctance or concern about refurbishment or renovation of some town centre properties due to listed building status or being in conservation areas.
He said: “Property owners are often reluctant to invest in such properties due to concerns over the planning restrictions listed building status or conservation areas can have.
“However, we’ve worked on many such projects where through care design and planning approval from the relevant planning authorities can be achieved.”
“This investment should be grasped to help support and regenerate these town centres.”
Hughes Architects has worked on several key commercial and residential properties in Newtown and Llandrindod Wells town centres to bring them back into use.
“We’re looking forward to seeing this investment make a difference to these towns in Mid Wales.”
The Welsh Government funding is part of the Targeted Regeneration and Investment programme, which is providing £100m of capital funding across the country over three years to support regeneration projects in town centres and neighbouring areas.
This funding is supported by estimated further investment of at least £60 million from other organisations and businesses, providing an overall boost of £160 million to communities all over Wales.
