The Leader of Caerphilly Council, Cllr Keith Reynolds, today gave an update on the Bargoed regeneration programme to the Bargoed Town Centre Management Group.
This included an update on the council’s aspirations to attract a cinema operator to the town.
Initial plans for a cinema, which first originated back in 2010, had to be revised last year when it became clear that the costs of the scheme were in excess of the funding available.
Over the past year the council has been working to re-design the scheme to make it commercially viable. Unfortunately, the current cost estimates are that the scheme would cost around £8.4 million. Although the council had committed £1.9m to the scheme along with a contribution from the developer, this still leaves a shortfall of at least £1.5 million in the project. As a result the project is unable to proceed.
The council will now explore alternative uses for the development site.
Cllr Reynolds said, “To date we have invested around £90 million in various regeneration led projects for Bargoed thanks to significant Welsh Government and European funding contributions. These include numerous land reclamation schemes, the new Bargoed by-pass and a variety of town centre projects designed to bring business and jobs into the town.
Some of the major schemes have been the refurbishment of the Hanbury Chapel as a new library and Customer First Centre; the opening of a new Morrisons superstore and a number of other new retail units; improvements to car parking; an improved park and ride facility near the railway station; relocation of the Council’s Contact Centre into part of the former Woolworths store and over £9million worth of improvements to the general environment of the town.
I am disappointed that the cinema project has not been able to proceed, but we will continue to press on with plans to build on the success of the regeneration strategy for the town”.