A Development Agreement has been signed between St Modwen and Swansea University to deliver the first phase of the £450m new Science and Innovation Campus.

The first phase of this scheme, which received detailed planning permission in December 2012 from Neath Port Talbot County Borough Council, will comprise 700,000 sqft of development including 430,000 sqft of academic space, 899 student apartments and associated retail space.

Bill Oliver, Chief Executive at St.Modwen, said: "The new campus will serve as a fantastic catalyst for change in this part of South Wales and provide a huge boost to the local and national Welsh economies. Coupled with our ongoing regeneration of Coed Darcy, Baglan Bay and Glan Llyn at Newport, this project plays a major part in the transformational change that we are delivering in South Wales.

"Over the next few years, we look forward to working closely with the university on this important project, as well as engaging with the local community and key stakeholders."

The entire Campus will be located on St. Modwen's 65 acre Transit site, one of the holdings within a 2,500 acre portfolio acquired from BP in 2009, and which has been fully remediated.

Preparatory works have already commenced on site and around 4,000 direct jobs will be created during the construction phase. A further 6,000 indirect jobs will be supported as a result in the wider economy.