Up to £6 million is being invested to redevelop the historical Corys' buildings in Cardiff Bay.

The five-storey Grade II-listed structure is being transformed into a mix of residential and retail space.

Cardiff Council has secured £1m from the Town Centre Loan funding to support the Merchant Place regeneration, which will be used to support the scheme by Sky View Estates Ltd. The scheme is also supported with £5m funding from the Development Bank of Wales.

Announcing the funding, Housing and Regeneration Minister Rebecca Evans said: "Our £27m Town Centre Loans Fund supports local authorities to regenerate town centres across Wales. Once the loan is repaid, the money is used again to fund new loans, as is the case with funding provided by the Development Bank of Wales.

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"Together we are working to bring derelict sites in towns back into use and support activities that increase footfall on our high streets, tackle empty sites and help businesses grow and prosper.

"The Corys' Buildings are part of Cardiff Bay's historic past, but I'm looking forward to seeing them revitalised and creating jobs and homes in the near future."

Cenydd Rowlands, Property Director for the Development Bank of Wales, said: "With funds to aid residential, mixed use and commercial developments in Wales, we are focused on supporting small and medium-sized developers who want to breathe new life in to local communities. The rejuvenation of attractive, landmark buildings is an important element of local regeneration."

(LM/MH)