The £1.4m project will transform the currently-unused South Seddon building into state-of-the-art seafront business units.
Led by Aberystwyth University, the scheme will create 12 new modern workspaces for the creative technologies sector and will encourage sustainability in SMEs and help new industries to develop and thrive.
They will also help entrepreneurial graduates and post-graduates from Aberystwyth University access affordable business premises locally.
Finance Secretary Mark Drakeford said:
“This is another positive example of how the Welsh Government is using EU funds to support new industries to develop and thrive, resulting in new jobs, products and services.”
Professor Elizabeth Treasure, vice chancellor of Aberystwyth University, said:
“Economic regeneration is a key element of our plans to redevelop Old College. The new business units in South Seddon will lead to the creation of high-quality jobs and product innovation and we are grateful to the Welsh Government and the Welsh European Funding Office for their valued support.
“We will be unveiling our ambitious proposals for the wider redevelopment of this unique grade one listed building and launching a public consultation on December 11.”
The funding for the South Seddon building is part of a larger regeneration project, which will be announced shortly.
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