We're bringing leading finance figures and business owners together to share their experiences of equity investment. Register Today

Dawan Developments secures seven-figure Wales Commercial Property Fund loan for Spider Camp project


Published:
carl fitzgerald dawan

Construction has begun on a commercial site known as Spider Camp, near Atlantic Trading Estate in Sully, Vale of Glamorgan by Dawan Developments. The project has been supported by a seven-figure commercial property loan from the Development Bank of Wales.

Spider Camp is comprised of six light industrial buildings, made up of 42 individual units. These are designed as starter units for growing businesses and start-ups who need smaller commercial spaces. Demand is high for this type of space, with all but two units from phase 1 already sold.

Planning permission has been granted for the site, with the total proposed accommodation making up 59,484sqft to be built in three phases:

  • Phase 1: Two buildings (Building 1 and 2) comprising 13 units totalling 18,418sqft;
  • Phase 2: Two buildings (Building 4 and 5) comprising 13 units totalling 18,418sqft and;
  • Phase 3: Two buildings (Building 3 and 6) comprising 16 units totalling 22,648sqft

 

Construction work on phase 1 has already begun.

The project is being overseen by Dawan Developments Managing Director Andy Ismail. He said: “The support given from start to finish by Carl and the team at the Development Bank of Wales has been superb. With their help and assistance, the additional funding has allowed us to progress the project to the next stage with two more buildings going under construction ahead of the proposed schedule, meaning the whole project will complete six months before the original scheduled dates. The facilities from the Development Bank were fast and easy to set up once all the relevant information was provided.”

Funding for the deal came from the Welsh Government-backed Wales Commercial Property Fund which is managed by the Development Bank of Wales. The fund was launched in 2019 and made its first investment in January 2020.

Economy Minister Ken Skates said: “This development will provide much sought-after modern business space. It will also support our commitment to create opportunities for firms and secure lasting economic benefits.

“I am delighted the Development Bank of Wales has been able to support this important project, and I look forward to seeing it progress and provide a real boost to the local economy.”

The deal was structured on behalf of the Development Bank by Property Investment Executive Carl Fitz-Gerald. He said:  “Andy is an excellent developer with a proven track record of creating high-quality commercial and industrial space. Starter units and smaller commercial spaces are in high demand in south Wales, and there has been considerable interest in those available at Spider Camp. This project will help create a vibrant business hub for the area. We’re delighted to be able to support this project and look forward to a fruitful on-going relationship with Andy and Dawan Developments.”