Wales Exciting Development Opportunities
Newtown, Powys
It is an exciting time in Mid Wales with the awarding of Growth Deal funding from UK and Welsh Governments to enable the development of economic infrastructure driving jobs and growth. The Deal is set within the broader vision for Growing Mid Wales, a regional partnership across the local authority areas of Ceredigion and Powys.
Sitting within the Mid Wales Growth Deal Portfolio is the Sites & Premises Programme which aims to stimulate commercial property investment in the region to support its buoyant and varied industry sectors.
Why is this important? There is a recognised lack of availability and investment in modern and technical employment premises across Mid Wales with low levels of speculative development and issues of commercial viability in provision. Ensuring the right supply and location of employment land and premises to meet business needs is a vital component of supporting the competitiveness of the economy.
What’s being done right now? Working with real estate advisers, Savills, the planning, economic and development viability of a shortlist of strategic employment sites has been assessed and some front-runner investment opportunities identified. These have been evaluated in more detail and the expected benefits of each incorporated into a Programme Business Case. Following approval by the Growing Mid Wales Board, the Programme is now progressing to the delivery stage.
Nick Bennett, Director of Economics at Savills said: “At the beginning of this process we were very aware of the economic challenges facing Mid Wales and the need to identify sites that would have the biggest impact and offer greatest value for money for the Sites and Premises Programme, and for the people of Mid Wales. After a rigorous process involving our experts in economics, planning, and development, I am delighted that we have stepped up to that challenge and provided Growing Mid Wales with some meaningful insights into current market demand.”
John Collingwood, the Sites and Premises Programme Manager said: “This important piece of work has inspired the Growing Mid Wales and Savills teams to collaborate with a wide cross-section of stakeholders and design something that has the optimum potential to benefit our local economy. The work with Savills is an exemplar of best practice and provides a solid foundation for the delivery of the Programme. These front runner sites, recommended for progression, represent the start of the Growth Deal’s journey in making a positive impact on the region’s commercial property needs.”
What type of developments are being considered by the Programme?
Low-carbon strategic employment sites that will provide high-quality innovative and modern commercial space for businesses to grow in the local area, not dissimilar in nature to a recent commercial development in Abermule in Powys [see artist’s impression below].
An artist impression of Abermule ©PowysCC 24 COMMERCIAL PROPERTY MONTHLY 2024
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