In one of his last acts as Finance Secretary before becoming First Minister Mark Drakeford announced £0.9m of EU funding to refurbish part of Aberystwyth’s iconic Old College university building.
The £1.4m project will transform the currently unused South Seddon building into state-of-the-art seafront business units.
Led by Aberystwyth University, the scheme will create 12 new modern workspaces for the creative technologies sector and will encourage sustainability in SMEs and help new industries to develop and thrive.
They will also help entrepreneurial graduates and post-graduates from Aberystwyth University access affordable business premises locally.
Mr Drakeford said:
“This is another positive example of how the Welsh Government is using EU funds to support new industries to develop and thrive, resulting in new jobs, products and services.”
Professor Elizabeth Treasure, vice chancellor of Aberystwyth University, said:
“Economic regeneration is a key element of our plans to redevelop Old College. The new business units in South Seddon will lead to the creation of high-quality jobs and product innovation and we are grateful to the Welsh Government and the Welsh European Funding Office for their valued support.”
The funding for the South Seddon building is part of a larger regeneration project, which will be announced shortly.