Some 3m sq ft of industrial floorspace is to be developed by the Welsh Development Agency in the first three years of a five-year programme. The WDA’s property budget for 1987-88 will be £30m.
A “significant call” on agency funds in the coming year will be made in providing speculative buildings of 10,000 sq ft and above in areas where there are shortages. In North Wales eight units will be built at Deeside Park and Wrexham Industrial Estate and in South Wales 22 factories ranging from 10,000 sq ft to 20,000 sq ft are under way at Baglan, Llantrisant, Treforest, Queensway Meadows, Rassau and Peyfan.
During 1987-88 the agency will concentrate on bringing forward bespoke projects, high technology and up-market traditional industrial properties for larger companies. Bespoke projects include schemes for Applied Screen Print at Rhondda and Natural Beauty Products in Bridgend.
At the moment, the agency has 4,600 acres and 18m sq ft of factory space. This will increase in September when it takes over the industrial property assets of Cwmbran Development Corporation. Floorspace available now stands at 1.7m sq ft or 9% of the portfolio.
Phil Head, the WDA’s executive director for property, said: “That vacancy rate is a little too close for comfort. We must take action now to avoid problems in satisfying demand in Wales.”
Meanwhile, the WDA has been involved in what it claims to be Wales’ biggest-ever property deal with tri-partite agreement between Hoover, the Avana Group and the agency.
In a simultaneous transaction, the WDA is selling Hoover the 400,000-sq ft Dragonparc complex at Pentrebach, near Merthyr Tydfil; Hoover are retaining the complex’s administrative space for their new British headquarters; and Avana are buying the production area for a £28m food park from Hoover.
Although the WDA is making big claims for the deal, it is being coy about the amount of money involved.
