Work is underway on 17 light industrial units at Parc Eirin in Tonyrefail after Tŷ Rhosyn Homes secured a £4.67 million funding package from the Development Bank of Wales.
The package is made up of a £2.51 million loan from the Wales Commercial Property Fund and £2.16 million in grant support, and will deliver 23,600 sq ft of employment space across three terraces at Plot 2B.
The scheme will be built in two phases. The first will provide five units of approximately 1,600 sq ft and the second a further 12 units of around 1,300 sq ft. The wider site has planning permission for 34 units.
Each unit will have dedicated parking, and the project also includes communal parking, cycle shelters, refuse stores, landscaping, access roads and sustainable drainage. Occupiers will be able to combine adjoining spaces and add mezzanine floors where required.
Tŷ Rhosyn Homes is owned and managed by directors Martyn Christopher and Helen Christopher, who previously delivered the Stone House Business Park in Llandow with support from the Development Bank.
Martyn Christopher said: “Parc Eirin represents an opportunity to create modern, flexible industrial units that will help businesses start up, grow and expand in Tonyrefail and the surrounding area.”
James Brennan, Property Development Executive at the Development Bank of Wales, said: “Tŷ Rhosyn Homes and its principals have previous experience of delivering industrial developments. By combining a commercial property development loan with targeted grant support, we have been able to address the viability gap and unlock a project that would not otherwise proceed.”
The Wales Commercial Property Fund offers loans from £250,000 to £5 million for speculative and non-speculative office and industrial developments in Wales, with terms of up to five years. Since 2017, the Development Bank of Wales has invested £34 million in commercial property projects, resulting in more than 411,000 sq ft of space.
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