Could long-awaited new £49m office site help create a step change in Swansea city centre?

CREATING prime office space has been a mantra for Swansea's Labour administration and much is riding on its new city centre development on The Kingsway.

- RICHARD YOULE

Fitted-out office space at 71/72 Kingsway.

Polished concrete floors, sleek design and plenty of natural light create a distinct impression as you enter the six-storey building.

A few plants and chairs are dotted around - more so on the rooftop terrace - there's a reception desk and a stepped area of wooden flooring. And that's pretty much it. Less is more, as they say.

Stripped back it may be but that's not to say 71/72 Kingsway isn't impressive, and nor does it take away from the 360-degree views on the rooftop terrace, which has two enclosed work spaces.

The development has been a long time coming and, according to a public report in July, is costing around £49 million.

The council said 80% of the space was let and that discussions for the remaining space were advanced. Financial company Futures First, travel operator TUI and workspace provider IWG are already located there or fitting out their space and it's hoped that 600 company employees will work at the building when full.

That's hundreds of people potentially popping out to buy a sandwich and coffee every day, or having a post-work drink from time to time, buying a record, a book or pair of shoes, although some of these workers will have relocated from offices elsewhere in the city.

Speaking at a council meeting last week, council leader Rob Stewart said 71/72 Kingsway and other regeneration schemes in Swansea were pushing up commercial rental values.

"They are much closer to the level of viability we would want to get for the city centre," he said. This has historically been a challenge for owners of commercial buildings in Swansea, he said, because they couldn't recoup their outlay, meaning some of them remained empty or languishing in need of an upgrade.