Plans to invest £7.5m in one of Swindon’s most prominent office blocks is a vote of confidence in the town, according to the Leader of Swindon Borough Council.
Councillor David Renard commented that FI Real Estate Management’s (FIREM) decision to spend millions refurbishing 1 Newbridge Square on the corner of Milford Street and Fleming Way is a significant boost to the town centre and the wider economy.
FIREM will start work next month on refitting the former home of Zurich into a modern contemporary office and retail space, designed with users of the building in mind.
Features will include fitness and gym facilities, cycle and scooter provision, electric vehicle charging points, on-site retail, and a business lounge.
The upgraded Category A office and retail space is the latest in a series of major investments in Swindon town centre, including a £100m regeneration programme being led by the Council.
Last year, the Council approved an over-arching masterplan for the 20-acre former brownfield site next to Fleming Way, known as Kimmerfields, which will pave the way for future development of the area. According to FIREM, the delivery of this vision for this part of the town centre was one of the main reasons why it has decided to invest in Swindon.
Councillor David Renard, Leader of Swindon Borough Council, said, “FI Real Estate Management’s announcement is a real show of faith in Swindon and the future of the town centre in particular.
“We have known about FIREM’s plans for some time and have been working with them behind the scenes to bring this scheme forward by identifying suitable parking provision for the workers who will ultimately use the new offices and retail space.
“It is really pleasing to see private investment in the area coming forward and proving that the work that is taking place at Fleming Way and the surrounding Kimmerfields site is acting as a catalyst for further regeneration by increasing land values and making Swindon an attractive proposition for investors.
“I am sure this ripple effect will continue to help attract further commercial investment in new homes, shops and amenities in the wider town centre.”
Dominic Knowles, Head of Offices at FI Estate Management, added, “It’s really exciting to be part of this transformation of Swindon that the Council is leading – it really feels like the whole scheme has momentum.
“We believe the Council’s investment and drive will be a real catalyst for future private investment.”
Further details about the investment taking place to upgrade transport links, the public realm and heritage assets in the town centre is available at: swindon.gov.uk/towncentreregeneration
More information on the 1 Newbridge Square investment can be found at: fi-rem.com/property/1-newbridge-square
Pictured above: an artist’s impression of the new-look 1 Newbridge Square office and retail space