Wales
Funding for Commercial Property Projects in Wales
Investment in dormant brownfield sites is revitalising the urban landscape and creating new commercial space thanks to the range of tailored funding solutions available from the Development Bank of Wales for commercial property developers looking to develop new office and/or industrial property in Wales.
Nicola Crocker, Property Fund Manager at the Development Bank of Wales, said: “Brownfield sites can be inherently difficult to take forward which is why we’re working with developers to provide the funding necessary to overcome the challenges.
“We understand the value of breathing new life into under- used spaces to drive economic progress and job creation. Bringing forward these sites with flexible finance that includes a mix of loan and grant funding is an important aspect of this given the potential to unlock longer- term economic benefits. Please get in touch to see how our tailored, flexible approach could assist with your project.”
Nicola Crocker, Development Bank of Wales
A loan of £1.5 million alongside a grant of £2.6 million from the
Development Bank of Wales’ Commercial Property Fund has enabled MKR Property Developments Ltd to start construction on Paisley Business Park, the site of the former ICI works at Pant Industrial Estate, Merthyr Tydfil.
This is the first venture for MKR Property Developments, a company set up by Mike Williams and Kerry Mullin, Directors of engineering and construction company Mikerry Rail in partnership with Rob Price, Director of the Highfield Property Group. The trio are turning the problem brownfield site, which had chemical ground contaminants and remnants of the original buildings, into a dynamic business park of 14 modern factory units for use by small and medium-sized businesses in the area.
Rob Price at MKR said: “We’re really pleased to be working with the Development Bank of Wales to rejuvenate this part of our urban landscape, and provide a great new space for local businesses to flourish.
“The loan, combined with grant support, significantly enhances our ability to realise this vision, providing us with a strong foundation to turn the site into a vibrant hub of business activity – particularly at a time of rising construction costs.”
“Major investment along the A465, the support of the Development Bank and direct Welsh Government investment is paving the way for new, ambitious opportunities in the heads of the valleys,” said Vaughan Gething, Economy Minister.
Paisley Business Park, Merthyr Tydfil under construction 16 COMMERCIAL PROPERTY MONTHLY 2024
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