|Printable version||E-mail this to a friend|
Two EU backed property development funds set to create £40m infrastructure boost for West Wales and the Valleys
Two new property development funds launched with £14m of EU funds are projected to result in an overall investment of £40m in new and refurbished high quality commercial premises to support business growth and job creation in the North, West Wales and the South Wales Valleys.
The £7m Property for Business Development Grant Fund (PBDG) and the £7m Property Infrastructure Fund (PIF) are each expected to attract £13m of private sector investment and geared to stimulate the market to meet the needs of businesses.
Both Funds aim to bridge the financial viability gap that exists in parts of Wales between the cost of building, expanding or refurbishing properties and the completed market value of the property.
It is expected that together the schemes will deliver around 51,100m2 (550,000sq.ft.) of new and refurbished floor space in areas that will provide tangible benefits to local economies, address market needs and support business growth.
Economy Secretary Ken Skates said:
“We know that private developers and businesses are reluctant to invest in some geographical areas simply because the cost of building or refurbishing a property is more than the end value of that property.
“These two new schemes, backed by EU funds, are geared to address this specific issue and will provide a significant investment boost. The grant support will stimulate the market, create new high quality industrial space and offices to accommodate jobs and meet the needs of business.”
Both funds are for new build and refurbishments/extensions/adaptions with the Property Infrastructure Fund aimed specifically at advance build developments and the Property for Business Development Grant Fund targeted at supporting businesses with bespoke expansion projects. The overall grant intervention rate for both Funds is 35%.
The successful projects, selected in conjunction with the regional stakeholders across Wales, will be those that achieve best value for money and create the greatest economic impact. The primary focus will be on projects in Enterprise Zones, Local Growth Zones and City Regions.
Stage 1 Applications, providing brief information on the project requiring support, will need to be submitted by the 30 April 2017 in order to be considered for a provisional allocation of funding.
For more information and an application form for businesses interested in the Property for Business Development Grant or developers interested in the Property Infrastructure Fund to support advance build development should email firstname.lastname@example.org.
Latest News from
Funding boost announced for South Pembrokeshire Demonstration Zone – the largest wave energy seabed lease in the world.30/03/2017 15:37:00
Marine energy development in Wales received a boost today with more than £300,000 funding announced for South Pembrokeshire Demonstration Zone – the largest wave energy seabed lease in the world.
‘The Daily Mile’ officially launched in Wales30/03/2017 13:23:00
Sporting stars and public health experts are joining forces today to officially launch The Daily Mile in Wales.
Record breaking numbers of NHS staff in Wales welcomed by Vaughan Gething30/03/2017 11:05:00
Statistics released yesterday show a record number of full time equivalent qualified nurses and midwives, hospital consultants and ambulance staff employed in the NHS in Wales have been welcomed by Health Secretary Vaughan Gething.
Children’s Secretary committed to national approach to advocacy services30/03/2017 09:05:00
Communities and Children’s Secretary Carl Sargeant yesterday said the Welsh Government is committed to implementing a national approach to statutory advocacy services for children and young people.