Swansea Metropolitan University has acquired a 65,000 ft2 office building in Swansea city centre, which is the largest Swansea transaction since Admiral Insurance acquired their 70,000 ft2 SA1 headquarters in 2006.
Brokered by King Sturge, the University has bought the freehold interest of Ty Bryn Glas from Land Registry for £3M.
Rhydian Morris, Partner of King Sturge, said: “This is not only the largest office transaction in Swansea for some time but an excellent opportunity to trigger the needed regeneration in this area of the city.
"The occupation of this high profile office building will provide immediate increased pedestrian flow, which will have a positive impact on local services and hopefully encourage further investment and development.”
The six storey city centre office building previously housed Land Registry Swansea Office which merged with Land Registry Wales Office at Ty Cwm Tawe at Swansea Enterprise Park.
Dr Brian Lewis, Director of Finance and Resources at Swansea Met, said: “The University is recognised as one of the most financially secure UK institutions and this has given us the resources to acquire Ty Bryn Glas to accommodate our continuing expansion.”
Professor David Warner, Swansea Met Vice-Chancellor, said: “Firstly, the building will be used for the temporary transfer of some courses so that we can redevelop and refurbish our Alexandra Road campus."
"Then, we will create a new business and innovation centre based upon the transfer of staff, students and programmes from our Swansea Business School."
"The new building will give us room for expansion, particularly on the international dimension, and will help to create even more successful graduate start-up business. Swansea Met already produces significantly more graduate start-up business than any other Welsh university."
“University’s are swimming against a tide of adversity and this is a very exciting acquisition showing the determination of Swansea Met to move forward, even in difficult conditions.”
Swansea Met, and its predecessor institutions, has offered high quality education for nearly 160 years. The University has approximately 7,000 students studying a range of undergraduate, postgraduate and research qualifications, as well as professional programmes.
Head of Facilities and Property Asset Management at Land Registry, Aidan Phelan, said: “We are pleased the building is going to continue to serve the community by providing a new education facility for the city.”
Friday, 13 May, 2011.
