Latest round of multi-million-pound property development fund launched

Expressions of interest are being sought for the second round of funding from the multi-million-pound  Property Development Fund (PDF) focusing on Port Talbot’s Waterfront area.

The PDF is an initiative aimed at boosting development by providing financial support for the construction or refurbishment of high-quality buildings for industrial and commercial use in Harbourside, Baglan Energy Park and Baglan Industrial Estate.

With a particular focus on the research, development and innovation sectors, the fund aims to drive economic growth across the region and create and protect jobs in the area.

Neath Port Talbot Council has secured £4.5m of Swansea Bay City Deal funding for the project, with a requirement for a minimum private sector investment of £5.5m.

Projected outcomes for the second round of funding include the creation of 6,000 square metres of premises generating around 100 jobs and safeguarding 400.

Dedication

The council’s Cabinet Member for Climate Change and Economic Growth, Cllr Jeremy Hurley, said: “This initiative is a testament to the council’s dedication to creating a thriving and sustainable business environment in the region.

“It aligns with the council’s commitment to fostering economic development and enhancing the Port Talbot Waterfront area by strengthening its appeal as a destination for both living and working.

“It also ties in with our Decarbonisation and Renewable Energy strategy as the fund is aimed at the research, development and innovation sectors which will help our goal of reducing carbon emissions.”

The grant application process is currently open, and the deadline for expressions of interest in this funding round is set for 31st December 2023.

Interested parties can request an Expression of Interest (EOI) form by emailing [email protected].

Should the EOI be approved, applicants will be invited to submit a first stage application, with a deadline of 23rd February 2024.

The PDF, amounting to a total of £10m, first opened in 2022, it is part-funded by the UK Government through the £58.7m Supporting Innovation and Low Carbon Growth Programme, a key component of the £1.8 bn Swansea Bay City Deal regional investment project.