Neath Port Talbot Council is launching a new Property Development Fund covering Harbourside, Baglan Energy Park and Baglan Industrial Estate.
The fund will seek to encourage and enable development in the town’s former docklands.
It will be used to fund the financial gap between the high construction costs of commercial/industrial buildings and the completed end market value of the properties. The fund can also be used for building refurbishments on the three eligible sites.
The property development fund (PDF) will specifically target the research, development and innovation sectors, with the aim of creating jobs.
Eligible schemes will be awarded up to a maximum of 45% of costs and the PDF will aim to fund three schemes of approximately 2000m2 each that could accommodate up to 400 jobs (with the creation of 120 news 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 grant will be open for applications from Spring 2022.
The fund is designed to benefit primarily new and indigenous businesses through the provision of a grant to support the creation of speculative industrial/ commercial accommodation.
Local residents, visitors 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 and Welsh Government through the recently approved £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.
Project outputs include:
- Premises Created – 6000m2.
- Jobs accommodated – 400.
- Jobs Created – 120.
- Private Sector Investment Levered – £5.5m.
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.”