West Midlands property specialist Earthquake (UK) has won approval to develop a landmark Swansea scheme featuring the tallest residential complex in Wales.
The £56 million mixed-use Ferrara Quay project will include a 300ft tower on the Swansea Marina, combining 230,000 sq ft of residential space with 20,000 sq ft of commercial and leisure outlets including offices, shops, bars, and a rooftop restaurant.
"We are thrilled the Ferrara Quay development has been approved by Swansea City Council and are very proud to be playing such a major part in the city's renaissance," said Adrian Unit, commercial director of Earthquake (UK).
"Earthquake is committed to developing top quality schemes that are built to the highest standards with innovative design and Ferrara Quay is no exception. We aim to deliver a truly stunning landmark for the 21st century that will complement and encourage further regeneration in the area and meet Swansea's aspirations to become a dynamic and vibrant European city," he added.
"Swansea is one of a number of cities with councillors keen to emulate successful regenerations such as we have witnessed here in Birmingham.
"This signals extremely exciting times for us as we continue to increase our portfolio and we are already working with other forward thinking cities to help them create equally innovative schemes."
Earthquake's first Birmingham acquisition, Temple House, is 100 per cent sold and was let to investors within a matter of weeks. The company has nearly sold a second scheme in New Street, Essex House and its first major development in the city, Postbox, is now 75 per cent sold.
"Earthquake's strategy is to provide product according to market demands and our success in Birmingham over the past 12 months demonstrates there is still ample demand here," added Mr Unit.
"As a dynamic young company we are naturally keen to build upon this and expand our horizons. This year we will not only be looking for new opportunities in other cities but also seeking to broaden our remit by entering into conventional estate development and producing upmarket, luxury detached homes, whilst also boosting our commercial and mixed-use developments."
The UK arm of an Irish based property group, Earthquake (UK) is based in Sutton Coldfield and is currently acquiring and developing commercial and residential portfolios as part of a £400 million development programme.