New Parc Eirin development will deliver 17 new industrial units to Tonyrefail
Work is underway on 17 light industrial units at Parc Eirin in Tonyrefail after Tŷ Rhosyn Homes secured a £4.67m funding package from the Development Bank of Wales.
The support provided includes a £2.51m loan via the Wales Commercial Property Fund and £2.16m in grant support, enabling the delivery of 23,600 sq ft of new employment space across three terraces.
Located at Plot 2B, Parc Eirin, the project will be delivered in two phases. The first phase will provide five units of approximately 1,600 sq ft, while the second phase will create a further 12 units of around 1,300 sq ft. The wider site benefits from planning permission for 34 units.
Each unit will benefit from dedicated parking, with additional communal parking, cycle shelters, refuse stores, landscaping, access roads and sustainable drainage infrastructure included as part of the project. The units have also been designed to offer flexibility for occupiers, with the ability to combine adjoining spaces and incorporate 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. The development brought forward a range of modern industrial and business units to meet demand from growing businesses and helped increase the supply of high-quality commercial space in the Vale of Glamorgan.
Martyn Christopher, director at Tŷ Rhosyn Homes, 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.
“The funding package has enabled us to move forward with the first two phases and deliver premises that can adapt to occupiers’ needs. Our experience in construction and civil engineering will allow us to manage the project directly and maintain a strong focus on quality, value and practical delivery.”
James Brennan, property development executive at the Development Bank of Wales, said: “This project will bring forward 17 new light industrial units at Parc Eirin, creating flexible space that can accommodate businesses with different requirements.
“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 £5m 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.