£39m funding deal for Colwyn Bay scheme

Work is set to start on a new civic building in Colwyn Bay town centre following a £39m deal between Muse Developments and M&G Investments (M&G) to fund the scheme.The finance, provided by M&G’s pension fund clients, enables the development of a new four-storey, BREEAM (Building Research Establishment Environmental Assessment Method) Excellent rated office building for Conwy County Borough Council, which will accommodate about 750 staff in 100,000 sq ft and replace up to 13 existing offices.The project will contribute to the council’s regeneration of the town. It has invested more than £50m in recent years for the modernisation of the promenade, coastal defences incorporating a new beach and redevelopment of the stadium at Parc Eirias.Regeneration specialist and developer Muse gained planning approval for the project in August this year. Muse was selected as the council’s preferred development partner in September 2015 following a procurement process.Contractor Bowmer & Kirkland is now on site and work to demolish the existing buildings will start shortly to make way for the new development. AHR is the architect for the scheme.Construction is scheduled to start during spring 2017, with completion expected in autumn 2018. Once complete, a 40-year lease will be initiated between M&G and the council.