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First Investment from £55M Wales Commercial Property Fund

Buddsoddiad Cyntaf O Gronfa £55 Miliwn Eiddo Masnachol Cymru



Work on the third phase of Glan yr Afon Industrial Estate in Aberystwyth has begun with confirmation of a commercial property loan for developers Ellis Development Company (Wales) Ltd by the Development Bank of Wales.

Speaking on Monday 13 January 2020, Ken Skates, Minister for Economy and Transport welcomed the first investment from the £55 million Wales Commercial Property Fund managed by  the Development Bank of Wales.

Launched last year to encourage SME developers to invest in Wales’ commercial property market, the fund is financed by the Welsh Government. Loans from £250,000 to £5 million are available with a maximum five year term for mixed-use and commercial development projects in Wales.

Aberystwyth based Ellis Development secured the loan to support the development of blocks five and six at Parc Melin, the third phase of the Glan yr Afon Industrial Estate in Aberystwyth. 12 units totalling 16,910 sq ft of speculative light industrial and commercial space will add to the existing 17 units; all of which have been sold or let with tenants including Greggs and Tool Station.

Ken Skates, Minister for Economy and Transport, said:

“The Welsh Government’s Economic Action Plan recognises that businesses of all sizes across Wales need modern sites and premises that will enable them to expand and grow. The £55 million Wales Commercial Property Fund is key to delivering that and is already encouraging smaller developers to invest in communities.

“The aim of the fund is to support the development of over 400,000 sq ft of much needed industrial and commercial space across Wales as part of a wider property delivery plan over the next ten years to deliver against the ambitions set out in our Economic Action Plan. The Glan yr Afon development will provide a boost to the economic outlook of Mid Wales and is an excellent example of the public and private sector working in partnership for the benefit of local people and the economy.”

Meirion Ellis-Jones, Director of Ellis Development said:

“Aberystwyth is the administrative and commercial centre for Mid Wales. The Glan yr Afon development is the main trading estate in the area with a mix of modern, light industrial and warehouse occupiers and office users.

“The tailored and flexible funding from the Development Bank of Wales has enabled us to fully develop this site having successfully filled the first two phases. We have already made good progress on this speculative development and there will be an additional 12 units available to purchase or rent later in 2020.”

Cenydd Rowlands, Property Director for the Development Bank of Wales added:

“The Wales Commercial Property Fund is designed to help unlock commercial developments at a local level throughout Wales. The nature of the short-term flexible funding is ideal for smaller developers who are looking to progress speculative developments.

“The support for Meirion Ellis-Jones in Aberystwyth is a great example of the funding that we can provide for smaller developers at a local level; encouraging local business and stimulating economic growth wherever possible.”


The Development Bank of Wales funds businesses that they think will benefit Wales and its people. The ones that will create ripples of growth- those that are more than a good business model or a great idea. They finance responsible businesses – those with a strong social, ethical and environmental standards, as well as real commercial promise.

By providing sustainable, effective finance where options have seemed limited, they bring ambitions to life and fuel possibilities for people, businesses and communities in Wales and beyond.

The Development Bank’s ‘big picture’ view means it can often help with debt and equity finance when options seem limited, doing whatever it takes to make a positive difference, bringing together the right people and working collaboratively to find a way to make things happen for Welsh businesses and for Wales.

Its teams are embedded in local communities, working out of regional offices that give customers direct access to key decision-makers and signposted avenues of support. They understand what’s happening in Wales’ villages, towns and cities – the challenges and the opportunities. They see the potential for business growth as a catalyst for enhancing lives and communities in Wales and beyond.

For more information, visit the Development Bank website at to find out more.


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