New funding is now available to help developers with the costs of constructing or expanding buildings for industrial use in Swansea that would create employment.

The funding aims to meet the financial gap between construction costs and the completed market value of the property.

Up to £750,000 is available for eligible projects at an intervention rate of up to 45%.

Funded by the UK Government through the UK Shared Prosperity Fund, the Swansea Property Development Fund is being locally run by Swansea Council.

The funding also covers applications for refurbishing currently vacant buildings for industrial use.

Factors to be considered during the application process include the number and quality of jobs to be created, the amount of new floor space to be created, the amount of land to be developed, and the number of small or medium sized businesses to be accommodated.

The proposed development’s contribution to net zero commitments will also be taken into account.

Targeted areas include Parc Felindre, Swansea Vale, Swansea West Business Park, Swansea Enterprise Park and the Garngoch Industrial Estate,

Other sites will be considered on a case by case basis, although sites in the city centre aren’t eligible for this scheme.

Cllr Robert Francis-Davies, Swansea Council’s Cabinet Member for Regeneration, Investment and Tourism, said: “There’s currently a shortage of modern industrial units in the targeted areas we’ve identified which could be used in sectors like tech, food processing, scientific innovation or research and development.

“These type of facilities are important because they create employment for local people and provide the kind of spaces many local businesses will need to either set-up or expand and stay within the Swansea area.

“By providing funding to successful applicants towards construction, expansion or refurbishment costs, we hope this will be an incentive for developers or investors to get in touch with the council to find out more.

“It’s one of many schemes being funded by the UK Government’s Shared Prosperity Fund which are aimed at supporting businesses of all sizes throughout Swansea.”

Priority will be given to projects that are able to demonstrate an ability to complete work on site by November 30, 2024. The grant also can’t be match-funded by any other public funding.

Head to www.swansea.gov.uk/businessfunding to find out more, or contact [email protected]

The closing date for applications is July 24, 2023.