Swansea Palace Theatre’s complex restoration faces escalating costs, potentially surpassing £17 million.
The council bought the building in poor condition. Access was limited due to its state, meaning restoration has been difficult and expensive. Construction costs have increased significantly everywhere. Council officers tried to ensure they got good value.
The Welsh Government gave some money, funding just under half the cost. The council paid the rest. The Palace Theatre reopened last November, serving as an office and cafe hub. People hope it will create jobs and boost the local area, bringing more people and spending.
Council leader Rob Stewart praised the project. He said it saved a unique building, transforming it into office space. It was nearly beyond saving before they stepped in. The project used specialist expertise, and he calls it a Swansea success story.
The Palace Theatre dates back to 1888. It has functioned as a music hall, bingo hall, and nightclub. They screened movies there too. Later, it fell into disrepair. A group formed to save it.
The transformation is part of broader plans. Swansea also intends to improve Castle Square. These projects need loans and grants.
Workers preserved original features at the theatre, including iron balconies and brickwork. The council still owns the building. Tramshed Tech runs it, offering workspace and business support. They provide skills training, helping creative and tech companies.
Tramshed Tech opened the space last November. Louise Harris, co-founder, called the site iconic. She wanted to create a successful community.
Cllr Stewart thinks the theatre will help the economy, potentially adding over £5 million yearly. Tramshed Tech has already created a business community. DJ Matt Hutchinson remembered his experiences there. He said the building was designed to entertain and he felt surrounded by its history.