A South Wales property firm will revitalise a dormant brownfield site outside Merthyr Tydfil with the backing of a £4.1 million investment from the Welsh Government and Development Bank of Wales.
MKR Property Developments Ltd has started construction on Paisley Business Park, on the site of the former ICI works at Pant Industrial Estate.
The disused site will be turned into a dynamic business park of 14 modern factory units, providing a space for small and medium-sized businesses in the area. The £4.1 million investment is made up of a £2.6 million Welsh Government Property Development Grant coupled with a loan from the Development Bank of £1.5 million from the Wales Commercial Property Fund.
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.
He added: “We're grateful for the trust and support the Development Bank and the Welsh Government have shown us.
James Brennan and Brad Thatcher, Property Development Executives at the Development Bank of Wales, said:
“We understand the value of breathing new life into under-used spaces to drive economic progress and job creation.
“Our whole purpose is to help businesses across Wales realise their ambitions. Projects like this, which give them the space to do so, are exactly what we’re here to do, and we’re proud to have worked with MKR on this project. We look forward to seeing the project come to completion.”
The Wales Commercial Property Fund provides loans from £250,000 to £5million for new office and industrial developments in Wales, with terms of up to five years available.
Economy Minister, Vaughan Gething said:
“I’m delighted that our Property Development Grant will support the construction of modern factory units in the northern valleys that will create new jobs in thriving businesses.
“Businesses of all sizes need modern sites and premises that can unlock their ambitions for expansion and growth. Our Property Delivery Plan is helping to meet that need so that businesses can invest in good quality jobs where they are most needed.
“Major investment along the A465, the support of a dedicated Development Bank in Wales and direct Welsh Government investment is paving the way for new, ambitious opportunities in the heads of the valleys. “I wish MKR all the very best with the development of Paisley Business Park and look forward to seeing the creation of quality, new jobs closer to home.”
For more information, visit Development Bank Wales | Business Need | Property Development Finance