A themed golf bar in Cardiff, jointly owned by Wales footballer Gareth Bale, is one of three city centre ventures sharing £2.35m from a building transformation fund.
The finance, which is interest free and has to be repaid over the next three to four years, has been provided by Cardiff Council through the Welsh Government’s Transforming Towns loans scheme.
The Real Madrid player is looking to launch the project, in a joint venture with the owner of the Depot venue Nick Saunders, in the spring. Located at the former 23,000 sq ft Liquid nightclub on St Mary Street Par 59 will provide a new bar, restaurant and mini-golf offer.
The freehold interest in the building is owned by an institutional property investor. The funding is supporting the fitout of Par 59.
Also receiving backing from the £2.35m, which on repayment the council will reinvest in other transforming projects, is fintech firm Delio Wealth which has created new office and incubator space for other firms at its 30-31 Windsor Place head office.
While the Welsh Government provide the funding, the council is responsible for making investments having carried out their own due diligence on projects.
The other recipient is Assador 44 which will use the funding to convert empty space above the restaurant it runs on Quay Street into a new boutique hotel. Assador 44 recently acquired the freehold interest in the building from SA Brain & Co.
The council said for commercial reasons it couldn't breakdown the funding for each project. It has previously used Transforming Towns funding to support the transformation of buildings such as the Tramshed in Grangetown, and the Butetown Railway Station into business hubs.
Russell Goodway, cabinet member for investment and development said: “The Covid pandemic has impacted the city centre where we have seen a significant fall in business activity leading to a rise in vacant space within the property stock in the centre of Cardiff.
"So I am delighted to be able to focus council resource in re purposing these buildings, supporting businesses bringing new sustainable uses into the city centre. This will help the city centre recovery post-pandemic, create jobs, and contribute to the footfall recovery.
"The council’s loans programme supported by the Welsh Government, has already demonstrated its effectiveness in supporting business regenerate vulnerable buildings across Cardiff.
"The Tramshed and the Butetown Railway Station are shining examples of what can be achieved. I look forward to seeing these new businesses, which have secured funding, thrive in the same way.”
Deputy Minister for Climate Change Lee Waters said: “The Welsh Government are investing significant amounts to give this boost to Cardiff not only to restore buildings, but to restore confidence in the city centre after a difficult period.”
