The Welsh Government and Development Bank of Wales are to transform a dormant brownfield site outside Merthyr Tydfil into a business park with a c.€4.7m investment.
MKR Property Developments Ltd has started construction on Paisley Business Park, on the site of the former ICI works at Pant Industrial Estate.
A disused site is set to be transformed into a bustling business park comprising 14 modern factory units, specifically designed to cater to small and medium-sized businesses in the area. The investment of c.€4.7m for this project comprises a c. c.€3m Welsh Government Property Development Grant and a loan of c.€1.7m from the Wales Commercial Property Fund, provided by the Development Bank.
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.”
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.”
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.”
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