A new £55 million commercial property fund has made its first investment in Aberystwyth.

The Development Bank’s £55m Wales Commercial Property Fund has invested a £1.44 million loan in a development on the Glan-yr-afon Industrial Estate in Aberystwyth.

This development is the third phase of a continuing scheme at the industrial estate.

The first two phases created the units that currently house Greggs, Ridiculously Rich by Alana, and Atomic Gym.

This project is the first one to be funded by the Development Bank’s Wales Commercial Property Fund.

The new fund is designed to encourage SME developers to invest in Wales’ commercial property market and is financed by the Welsh Government.

Property director at the Development Bank of Wales, Cenydd Rowlands said: “Creating this kind of new, really good quality, very well insulated space for companies is really important if we’re going to bounce back from some of the economic challenges we’ve had.

“If you haven’t got the spaces for companies to move into that’s going to be pretty difficult.

“So hopefully this is the first of many that we’re going to support under new funding.”

Mr Rowlands continued: “There’s going to be a huge capacity for additional jobs wherever you’re creating additional premises.

“It’s great, attracting not just a number of businesses but different types of businesses offering different types of employment opportunities.

“And obviously they all offer their own unique sort of stimulus into local economies.”

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