The Orb, a stunning new high specification £8.4m office development in Newport city centre is nearing completion and attracting interest from the market despite the current economic climate.

It is the largest new office building in the city centre and at 48,000 sq ft it has the capacity to accommodate the headquarters of a company or organisation.

It is the second premises to be delivered through the Welsh Investment Strategic Partnership (WISP).

The partnership between the Welsh Assembly Government and Babcock and Brown Ltd, international specialised fund and asset managers to provide Grade A office accommodation in major regional centres in Wales for local businesses looking to expand or for companies looking to locate to Wales.

The completion of The Orb provides a significant boost for Newport Unlimited's strategy to establish the city as an attractive retail and business location and create a more diversified economic base.

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The availability of high quality business premises is seen as being vitally important to stimulate investment and drive forward regeneration.

The new office development at the junction of Usk Way and Lower Dock Street has the potential capacity to accommodate up to 450 jobs and available to let as a whole or in part.

Leighton Andrews, Deputy Minister for Regeneration, said the interest in The Orb was encouraging and illustrated there was a demand for high quality office development in the city.

He said: "The building is nearing completion and we hope it will prove to be as successful as the first WISP development on SA1 Swansea Waterfront which is now occupied by the Vehicle and Operator Services Agency.

"WISP is a pioneering partnership with a major private sector investor with potential to invest over £100m in creating top quality office buildings across Wales. It is one of a number of successful approaches to funding used by the Assembly Government to support the regeneration of our cities, towns and communities.

"The assurance of long term leases from the Assembly Government enables our selected partners to invest in all parts of Wales and develop property to high levels of design, quality and sustainability, helping to stimulate the economy."

The Orb was designed by TACP, Wrexham, and built by Cowlin Construction Ltd, Cardiff.

(CD/JM)