A REGENERATION project in the centre of Pontypool has received financial support from Torfaen council.

Cllr Anthony Hunt,executive member for resources and governance, agreed to underwrite the costs needed to support the 35 Commercial Street project, which is part of the Welsh Government’s Vibrant and Viable Places (VVP) programme.

As part of the plans, £59,000 from the general reserves and £6,000 of interest on the VVP Pontypool Investment Fund were underwritten for phase one of the plans.

Cllr Hunt said: “The former Hypervalue building in Pontypool has become a bit of an eyesore in the town centre.

“Under the plans, the building could be seen as a symbol of regeneration, including flats and homes as well as some spaces for business.”

The approval of the scheme as part of the Vibrant and Viable Places programme was reached by Torfaen’s cabinet in September 2014.

In the 35 Commercial Street project, known locally as ‘Hypervalue', the Grade II listed building will be re-designed and re-used as a sustainable development in Pontypool.

Melin Homes, who were selected as the delivery partner of the project, carried out a detailed development appraisal, which revealed ‘larger than anticipated abnormal costs relating to the extent of conservation work that is required on the frame of the building’.

The total value of the scheme has risen from an estimate of £1.78million to £3.2million, based on the condition of the concrete frame of 35 Commercial Street.

Phase one is the planning stage of the scheme, with £80,000 needing to be available for the project before Monday. June 6, when a decision over moving onto phase two is required.

Melin Homes will foot £15,000 of the phase one anticipated costs, with the remaining £65,000 confirmed by cllr Hunt on Tuesday morning.

He added that it was important for the decision to be made at this stage, given the awkward timing around the Welsh Assembly elections and the EU referendum.

“It is possible that we could enter into another period of purdah for the EU referendum in June, which could further delay the regeneration project in Pontypool,” said cllr Hunt.