A commercial property fund launched to address a shortage of suitable business premises in Mid Wales could help unlock more than £11 million of investment and create more than 10,000 sq m of new or refurbished employment space.
The Mid Wales Commercial Property Investment Fund was launched in May 2025 through the Mid Wales Growth Deal, which is backed by £110 million from the UK and Welsh Governments to support long-term economic growth across the region.
Delivered through Growing Mid Wales, the regional partnership between Powys County Council and Ceredigion County Council, the fund was created to help established businesses develop, extend, refurbish or repurpose commercial premises across Powys and Ceredigion.
The fund provides capital support for projects from £250,000 up to £2.3 million, with a maximum grant of £1 million and a maximum intervention rate of 45%.
Speaking on Unlocking Mid Wales, the Growing Mid Wales podcast, Jon Williams, Project Support Officer at Growing Mid Wales, said the fund was designed to address gaps in the availability of suitable commercial property and land, which had been identified as a barrier to growth in the region.
He said strong interest from businesses across Mid Wales had led to a two-stage process, beginning with a viability assessment before shortlisted businesses were invited to submit fully developed bids.
Nine projects reached that stage, together representing a total project value of about £11.12 million, with a fund ask of around £3.96 million. The proposals included the creation of more than 10,000 sq m of new or refurbished commercial floorspace, the potential creation of more than 100 jobs and the safeguarding of further employment in the region.
He said the fund had also helped businesses remain in Mid Wales, with several firms having considered moving out of the area before receiving support.
Among the businesses progressing projects is Moduron Strata Motors, a vehicle sales, servicing and repair centre based in Pontrhydfendigaid. The business, run by Rhian Evans and her partner Paul, is using support from the fund to modernise and expand its garage from a single-bay workshop to a three-bay facility.
The project will include MOT testing facilities, EV charging points and specialist equipment for electric and hybrid vehicles. Rhian said the investment would allow the business to offer more services locally in a rural area where the nearest larger town is around 20 to 30 minutes away.
The total project cost is approximately £305,000, with the fund contributing 45% and the business contributing the remaining 55%. The project is in delivery, with the old workshop recently demolished and foundations and structural engineering work due to follow.
Rhian said the funding had allowed the business to pursue plans it had held since launching almost three years ago.
She said:
“The funding has given us the opportunity to turn what was once an idea into a long-term business with a clear future.”
She said the expansion would also support skilled jobs and apprenticeship opportunities, while the business had used local suppliers, contractors and advisers through the project.
Another project is being taken forward by MWP, a Newtown-based contractor and developer working mainly in the affordable housing market. The family business specialises in Passivhaus, an ultra-low energy building performance standard, and low-carbon housing.
MWP is using support from the fund to develop a timber frame factory which will allow it to manufacture bespoke panels used in its low-energy homes. Project manager Harry Bowen said the firm had been sourcing the panels locally, but growth in the business had started to stretch that specialist part of the supply chain.
The company plans to continue buying off-the-shelf elements such as floor joists and roof trusses from local suppliers, while bringing the bespoke timber frame panels in-house. Harry said this would improve reliability, allow the business to take on larger projects and support its existing suppliers by enabling them to focus on their core products.
The project is currently in planning, with enabling works under way. The company bought the site as the grant was starting, with the site cost close to £450,000 once legal fees were included. The fund contribution is 45%.
Harry said the factory would create more specialised jobs across design and manufacturing, as well as supporting stronger links with local colleges around apprenticeships.
Jon said the projects demonstrated the wider role of the fund in supporting private investment, commercial space, jobs and skills across Mid Wales.
Hear more about the Mid Wales Commercial Property Investment Fund on Unlocking Mid Wales, the Growing Mid Wales podcast. Listen here:
