DTZ

09 January, 2012

DTZ, part of UGL Services, a division of UGL Limited (ASX: UGL), has advised the City and County of Swansea and the Welsh Government on the purchase of St David’s Shopping Centre in the city from Threadneedle.

The centre forms a key part of Swansea Council and the Welsh Government’s overall regeneration plans for the city centre, which DTZ is also advising both parties on.

The council will be working with its development partner Hammerson to include the site in its city centre retail strategy. In the short term, the council plans to demolish a number of derelict buildings at the centre and replace them with a temporary 160-space car park.

St David’s Shopping Centre was completed in 1982 but now has more vacant retail units than occupied. Work to demolish the two-storey centre is set to start in March this year.

Paul Ellis, Senior Director at DTZ commented: “We are delighted to have assisted our clients in the acquisition of this key part of the overall Swansea redevelopment area. It is an excellent example of the public sector demonstrating real leadership and commitment to proactively drive forward the pragmatic, phased delivery of such projects, despite the current economic challenges faced in the marketplace.”

Cllr Chris Holley, Swansea Council Leader, said: "We're doing all we can to improve Swansea city centre and this investment alongside the Welsh Government will help boost the area and safeguard jobs during difficult economic times.

“This is a hugely important site in the city centre, but it is largely empty and has become detrimental to our overall aim of improving retail in the city centre. It's clear that the city centre can't be regenerated without public sector intervention and purchasing this site gives us the opportunity to work with our development partner, Hammerson, to put in place a plan to redevelop the site and regenerate the city centre. In the shorter-term, and until market conditions improve, we'll demolish part of the site and construct a car park that will meet the needs of city centre traders and shoppers.”