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The second round of a £10m property development fund aimed at boosting investment in the Port Talbot Waterfront area has opened. Neath Port Talbot Council has announced that it is actively looking for expressions of interest from companies, land owners and developers.
The Property Development Fund (PDF) will be used to redevelop the Port Talbot Waterfront area, including Harbourside, Baglan Energy Park, and Baglan Industrial Estate. First set up in 2022, the fund 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.
Its purpose is to boost development by providing financial support for construction or refurbishment of high-quality buildings for industrial and commercial use, in turn driving economic growth and creating jobs. Projected outputs for the second round of PDF funding include the creation of 6,000 square metres of premises generating around 100 jobs and safeguarding 400 jobs. Neath Port Talbot Council said it 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.
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If expressions of interest are approved, applicants will be invited to submit a first stage application, with a deadline of 23rd February 2024. Neath Port Talbot 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 (DARE) 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 pdf@npt.gov.uk.
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