Plans to create new key employment sites across Mid Wales are being progressed under its £110m Growth Deal.
The deal, with the financial backing of the UK and Welsh governments, will provide capital funding to support regionally significant economic infrastructure. The funding is being seen as catalyst to leverage wider investment from the private sector to stimulate growth across the region over the next 10 to 15 years.
The Growth Deal falls under the Growing Mid Wales regional partnership vehicle, which is being backed by Powys and Ceredigion councils, academia and the private sector.
Following an initial piece of work that identified a need to develop additional employment sites across the region, further work has been completed to scope a proposed sites and premises programme. Growing Mid Wales are now looking to develop a business case for required investment for projects that will help meet the identified local market demand for employment premises.
A programme board has been established to oversee development and delivery with dedicated Growth Deal resources are in place to drive this forward. Over the coming months real estate advisers, Savills, will be working with the team to consider the planning, economic and development viability of a shortlist of strategic employment sites.
The shortlist is expected to be revealed in June. This could see new employment site proposals in locations such as Aberystwyth. Newtown and Brecon. Projects would not necessarily require direct Growth Deal funding, if there is appetite to make investment from the private sector - although a combination of public and private support could also be a solution. Projects could be office related and industrial.
Nick Bennett, head of Savills economics team, based in Cardiff, said: "‘We are delighted to be appointed to support this exciting new partnership, which has the potential to transform the regional economy. Our multi-disciplinary team is committed to ensuring the strategic site offer for mid Wales is as good as it can be, helping to unlock jobs growth and stem youth depopulation.”
Growing Mid Wales board chairs, Bryan Davies, leader of Ceredigion County Council and James Gibson-Watt, Leader of Powys County Council, said:“Growing Mid Wales continues to build upon work carried out so far with the sites and premises programme to promote and implement key developments across the region.”
Welsh Government is supporting the programme directly with revenue funding to progress site identification and development.
The chairs added: “We look forward to working with both Savills and the Welsh Government in realising and unlocking development opportunities, responding positively to market demand and stimulating wider investment and interest for the region.”
Economy Minister Vaughan Gething said: “I am pleased this important area of work is now under way, with support from the Welsh Government enabling our regional partners to enlist technical expertise to develop a detailed programme of property-related interventions.
“We recognise the provision of a portfolio of sites and premises across mid Wales is a pre-requisite for both home-grown and inward investing businesses, and a critical enabler for economic growth. The Welsh Government remains committed to working alongside both local authorities and the private sector to meet growing demand, and support the development of a suite of key employment sites and the provision of new and sustainable commercial property which promotes a more equal, prosperous and greener Wales.”
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