A property development fund of £10m aimed at boosting investment in the Port Talbot Waterfront area is now open, with Neath Port Talbot Council actively looking for expressions of interest from developers. The fund will be used to redvelop the Port Talbot Waterfront area, which includes Harbourside, Baglan Energy Park, and Baglan Industrial Estate.
Eligible projects will be awarded up to a maximum of 45% of costs and the property development fund 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, which will be matched by a minimum private sector investment of £5.5m.
It will work by providing financial help in the form of 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.
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The council says fund is designed to benefit new and indigenous businesses and that local residents and the wider community will also benefit from the creation of jobs and having better, more modern places to work. The £10m property development fund 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.
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."
Councillor Carol Clement added: "This is very positive news for Neath Port Talbot and we definitely welcome this kind of funding so that we can continue to develop areas such as this in the borough."
Port Talbot resident Glenn Williams, 37, was also happy to hear of the funding for what he considered to be a key area of development in his hometown. He said: "This could be really good for the Port Talbot area, and I hope it will help to bring an influx of diverse business opportunities for people here outside of the steel works. Hopefully lots of companies come forward with ideas and places on the Port Talbot Waterfront can start booming again."
Expressions of Interest for this first round of the fund will close on Friday, July 8, 2022. You can read more of our stories from Port Talbot here.
