Principality Commercial provided finance to assist with the construction of 36,500 sq ft of high quality Offices and Research and Development buildings on reclaimed industrial land at Harbourside, Port Talbot, close to Port Talbot Parkway Railway Station.
This was part of a much larger redevelopment, including a new Justice Centre / Magistrates’ Court, which was also funded by Principality Commercial. This was truly a collaboration between the private and public sector with Neath Port Talbot Council securing a grant for part of the cost of the redevelopment and all parties worked very closely together to get this major development completed on time and budget.
“This was a scheme that consists of 42,000 squared feet built to an excellent standard. Two of the three building were pre-let to Tata Steel and TWI – two big international companies. The third building was fully let within a year. Principality Commercial were very understanding and the relationship throughout the project grew as it's fun to work with them on simple and complex developments. Their funding process is so much easier and straight forward compared to other lenders.”
John Leyland, Deryn Properties
The properties constructed comprise of three self-contained research and development office pods with parking in a landscaped site overlooking the water and the new distributor road linking the area directly to the M4 (built at a cost of over £100m). Each of the three properties comprises BREEAM Very Good rated business space accommodation over two floors. This provided very environmentally friendly units, very much sought after by the occupiers.
Two of the buildings were let for Research and Development purposes to Tata Steel (12,500 sq ft) and TWI (15,500 sq ft), with the remaining building – Llewellyn House (8,500 sq ft) - built speculatively to attract new, incoming businesses to the area. Indeed Llewellyn House was let within 6 months of its completion.
We are delighted that these units continue to be held by our customers – Deryn Properties, who are keen to do more in the area and have worked hand-in-hand with Neath Port Talbot Council on other developments, notably a new Healthcare Centre, pharmacy and offices in Baglan.
Tata Steel and TWI continue in occupation of their units and Llewellyn House has attracted a number of top quality tenants. Part of Llewellyn House is now occupied by the first vehicle tyre comparison company in the UK – Motokiki – founded by the former MD of confused.com – Debra Williams.
“What drew us to this project was two things; firstly Jon Leyland who started this project with us has been a customer with us for over 15 years and had had similar projects in the past. Secondly, this was a regeneration project – brownfield land that was converted to provide employment for the region. We’re very comfortable with long term relationships, obviously the more you deal with people the better it is. Just seeing projects from start to finish is fantastic.”
Gareth Redding, Senior Portfolio Manager at Principality Building Society
Click below to take look at some of the projects we've arranged finance for across Residential, Industrial and Affordable Housing.
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