The Llanelli Town Centre Property Development Grant (PDG) is an element of the ADREF project. Over the next 2-3 years, Llanelli Town Centre will benefit from over £40 million of investment which includes the redevelopment of Llanelly House, the refurbishment of Llanelli Library, and the new theatre and East Gate developments. The ADREF project will act as “the key stone” binding and strengthening each and every element of the town centre scheme together. For more information please click hereThe aim of the PDG is to provide financial assistance to encourage the construction of new speculative commercial floor space on derelict sites (to BREEAM excellent standard), or refurbishment of derelict properties within the town centre (to BREEAM good standard).
The level of funding applied for should be established by a development appraisal, and should reflect the difference between the anticipated capital cost of the scheme and the anticipated completed market value of the premises. The level of funding offered can be affected by:
- The minimum level which is considered necessary to achieve the project
- The value of the project to the local economy based on the number and type of jobs accommodated; the area of floor-space made available; the area of land developed and the number of small & medium enterprises to be supported
- The maximum funding awarded for each project will be at the discretion of the relevant local authority
- Funding is governed by intervention rates which are determined by the commercial size of the applicant – guidelines are:
|| Small enterprise i.e. <50 employees, annual turnover which does not exceed 10million euro.|
|| Medium enterprise i.e. <250 employees, annual turnover which does not exceed 50m euro. |