REPORTS suggest Swindon Borough Council is set to spend £1 million on transforming the former Carriage Works in London Street.

Last year, it was revealed plans are being considered to turn the historic site into state-of-the-art offices to attract hi-tech companies from London.

And in April, a report went before senior councillors outlining proposals for a major development in the town centre.

While the report was confidential, it is understood the site under discussion was the Carriage Works, which is owned by Network Rail.

The details of the report are being kept under wraps due to the sensitivities of negotiations but the minutes which have been revealed from the meeting show the council will be taking on a lease for the property.

Due to the potential returns from the building in the way of rent and council tax, it has been decided a £1m investment would represent good value for money and deliver a return.

The minutes say: “It was resolved that it be agreed that the council should enable redevelopment of the land, the subject of the report, by providing capital investment for a first phase of works estimated at £1million.”

On top of this it would help bring to life that part of town and potentially breathe life into plans to regenerate the Mechanics Institute.

While nothing is currently being confirmed by council chiefs, it is understood Forward Swindon is closely involved with the project.

Speaking in December, Councillor Garry Perkins (Con, Haydon Wick) confirmed the Carriage Works were one of Forward Swindon’s key priorities.

He said: “They are in the best position to do that. This is something which could really help to boost that end of the town.

“At the moment it can take up to two hours to cross London.

“This could make the Carriage Works an ideal location for tech firms based in West London. In a few years the electrification of the Great Western Line will be completed making Swindon very accessible.

“We would also be able to offer very competitive property prices. In places like Reading and Bath you are seeing a spike in prices but in Swindon we are very competitive.”

Network Rail has confirmed it is working with the council on developing this area of Swindon.

The Carriage Works have stood empty for several decades but bringing them back into use could greatly increase footfall in the area, providing a boost for other businesses.