A NEW £10m Property Development Fund (PDF) aimed at boosting investment in the Port Talbot Waterfront area is now open with Neath Port Talbot Council seeking expressions of interest from companies, land owners and developers.
The Port Talbot Waterfront area includes Harbourside, Baglan Energy Park and Baglan Industrial Estate with the fund being used to encourage and enable development on the three sites.
It will work by providing financial help in the form of gap funding towards the construction or refurbishment of high quality buildings for speculative, industrial and commercial use.
The fund will specifically target the research, development and innovation sectors, with the aim of creating jobs across the area.
Eligible projects will be awarded up to a maximum of 45% of costs and the PDF will aim to fund three schemes of approximately 2,000 square metres each that could accommodate up to 400 jobs (with the creation of 120 new jobs) over five years.
The cost of delivering the project will be £4.5m – money which will be matched by a minimum private sector investment of £5.5m.
The PDF is designed to benefit primarily new and indigenous businesses. Local residents and the wider community will also benefit from the creation of jobs and having better, more modern places to work.
The £10m PDF is part funded by the UK Government through the £58.7m Supporting Innovation and Low Carbon Growth Programme, which forms part of the £1.3bn Swansea Bay City Deal regional investment programme to transform South West Wales.
Neath Port Talbot Council has secured £4.5m City Deal funding for the project.
Nicola Pearce, Neath Port Talbot Council’s Director of Environment and Regeneration, said:
“This project will contribute to the continued development of the Port Talbot Waterfront, strengthening its viability as a destination to live and work, as well as meeting existing demand for industrial and commercial accommodation.
“It also ties in with the council’s Decarbonisation and Renewable Energy (DARE) strategy as the fund is aimed at the research, development and innovation sectors which will help our goal of reducing carbon emissions.
“The aim here is to plug the financial gap between the high cost of construction and the completed end market value of the properties involved. We welcome applications to the fund.”
Expressions of Interest for this first round of the fund will close on Friday 8th July 2022 and an expression of interest form can be requested by emailing email@example.com .