People, Places, Business

Neath Centre Redevelopments

Funding for Neath Town Centre Redevelopment

The Council has agreed to accept a proposal for funding from the Regional Investment Fund for Wales for the Neath Town Centre Redevelopment.

The Council has been in negotiation, behind the scenes, for some time for this regional investment funding known as JESSICA, which is designed to help fund regeneration schemes such as Neath.

The funding package is designed to bring forward further private sector investment and to help developments move forward in the difficult economic conditions facing retailers and retail development at the present time. 

There is still a lot of work required before the funding can be used for the first phase of the development but it does provide an opportunity to progress the scheme with Simons Developments, the Council's preferred developer.

The total funding amounts to £13 million.  There is no date yet for any construction work to start. It will depend on a number of other commercial arrangements being put in place.

Gareth Nutt, Head of Property & Regeneration said "This is good news for Neath Town Centre, however, it does not mean the development will go ahead straight away. 

"The Council will continue to work with its partners to bring forward the development in phases as and when market conditions allow.  This funding will help the Council to take that opportunity when it arises.
 
"There is still a long way to go but the Council is determined to put itself in the best position possible to allow the development to happen”.