A £27million property development programme has been approved to help create top quality business premises and new job opportunities for more than 600 people across South West Wales.
The programme, which has received £10m of EU funding from the Convergence programme, will be led by Carmarthenshire County Council and delivered in conjunction with the Welsh Assembley Government and neighbouring authorities in Pembrokeshire, Swansea and Neath Port Talbot.
The Property Development Fund (PDF) will provide ‘gap funding’ to encourage the private sector to develop new, high quality business premises within the region’s identified strategic employment sites.
The project aims to equip the region with the physical infrastructure necessary for the development of a modern and competitive economy by 2015.
The funding will result in the development of key sites across South West Wales, creating an additional 18,365sqm with the hope of accommodating 600 jobs.
Those set to benefit include developers undertaking speculative builds, who will receive direct support to meet local need and to attract high quality businesses; existing and new businesses that will have access to well-serviced high-quality premises; and the local workforce who will have new job opportunities.
Dave Gilbert, Director of Regeneration and Leisure, Carmarthenshire County Council, said: “The principal aim of the project is to increase the availability of high quality business premises in the target areas by addressing market failure.
“The project will provide financial assistance to developers to bridge the gap between the cost of providing commercial property and its subsequent market value, within the region’s identified strategic employment locations as defined in the area’s Wales Spatial Plan Sustainable Regeneration Frameworks. 
“The scheme complements the provision of site infrastructure at these locations and is linked to providing floorspace and aiding job creation.”
£10million funding for the project has been drawn down from the European Regional Development Fund, an investment which will hopefully lever additional investment from the private sector.
All premises built under the scheme will meet BREEAM standards to ensure they have high environmental values
The funding will also pool expertise between the four local authority areas, as well as the Department for the Economy and Transport, to enable the sharing of best practice across the region.
Cllr Meryl Gravell, Leader of Carmarthenshire County Council, said: “This project will help breathe new life into the region, with the development of high quality, environmentally-sound business premises which will drive our economies forward.
“Not only will it provide investment and regeneration opportunities to key sites across South West Wales, it will also create huge employment opportunities.
“I am delighted that this funding has been secured which will help us deliver a modern and competitive economy by 2015.”
Details as to when the funding will be made available will be advertised on the Sell 2 Wales website later this year.