A new industrial park in the Vale of Glamorgan is taking shape after securing investment backing from the Development Bank of Wales.
The near 60,000 sq ft Spider Camp scheme, near Atlantic Trading Estate in Sully, is being developed by Dawan Developments.
The scheme has been supported with a seven-figure commercial property loan from the Welsh Government-owned development bank.
When completed later this year ahead of schedule, Spider Camp will comprise of six light industrial buildings, made up of 42 individual units.
Phase one, for which work has been completed, consists of 13 units covering just over 18,000 sq ft of space, with all but two units already sold and with some occupiers in place.
The focus is now on delivering phase two.
Dawan Developments, managing director Andy Ismail, said:“This funding from the Development Bank of Wales has allowed us to progress the project to the next stage with two more buildings going under construction ahead of the proposed schedule, meaning the whole project will complete six months before the original scheduled dates."
Funding has come from the Welsh Government-backed Wales Commercial Property Fund which is managed by the development bank. It was launched in 2019 and made its first investment last Jnauary.
Economy Minister Ken Skates said: “This development will provide much sought-after modern business space. It will also support our commitment to create opportunities for firms and secure lasting economic benefits.
“I am delighted the Development Bank of Wales has been able to support this important project, and I look forward to seeing it progress and provide a real boost to the local economy.”
The deal was structured on behalf of the development bank by property investment executive Carl Fitz-Gerald.
He said: “Andy is an excellent developer with a proven track record of creating high-quality commercial and industrial space. Starter units and smaller commercial spaces are in high demand in South Wales, and there has been considerable interest in those available at Spider Camp.
"This project will help create a vibrant business hub for the area. We’re delighted to be able to support this project and look forward to a fruitful on-going relationship with Andy and Dawan Developments.”
