There was some good news this week with the announcement that Waters Edge, a mixed-use development overlooking South Beach in Tenby, has been bought for more than £1m by developer ButlerWall Homes.

Hopefully this will now mean that work on the seafront scheme, which has been on hold for some considerable time, can now start again so that it can finally reach completion.

The partially completed development, which has become something of an eyesore since work ceased two years ago, has been sold by Opus Restructuring, the administrator of South Beach (Tenby) Ltd, following negotiations by Bilfinger GVA.

The sale includes the final remaining apartment from the first phase of the development and phase two, which comprises 10 apartments completed to steel frame level.

Administrator Trevor Binyon said: "The lender has been repaid in full and we have been able to limit the losses suffered by what luckily were very few local creditors.

"In the process we also secured the future of the iconic Festival of Britain beacon which is located on the site."

James Petherick, associate of Bilfinger GVA, said: "This site has been dormant for some time and completing the sale to ButlerWall Homes should enable the completion of this fantastic scheme, improving the aesthetics of the seafront."

Trevor Binyon and Timothy Dolder, of Opus Restructuring, were appointed as administrators of South Beach (Tenby) Ltd in June 2013.