Expressions of interest are being sought from companies, land owners and developers for the new £10m Property Development Fund (PDF) aimed at boosting investment in the Port Talbot Waterfront area.

The Port Talbot Waterfront area includes Harbourside, Baglan Energy Park and Baglan Industrial Estate with the fund being used to encourage and enable development on the three sites.

It will work by providing financial help in the form of gap funding towards the construction or refurbishment of high quality buildings for speculative, industrial and commercial use.

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The fund will specifically target the research, development and innovation sectors, with the aim of creating jobs across the area.

Eligible projects will be awarded up to a maximum of 45% of costs and the PDF will aim to fund three schemes of approximately 2,000 square metres each that could accommodate up to 400 jobs (with the creation of 120 new jobs) over five years.

The cost of delivering the project will be £4.5m – money which will be matched by a minimum private sector investment of £5.5m.

The £10m PDF is part funded by the UK Government through the £58.7m Supporting Innovation and Low Carbon Growth Programme, which forms part of the £1.3bn Swansea Bay City Deal regional investment programme to transform South West Wales.

Neath Port Talbot Council has secured £4.5m City Deal funding for the project.

Expressions of Interest for this first round of the fund will close on Friday 8th July 2022.