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

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

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

Building permit has been granted for the site, with the total of the proposed housing units representing 59,484 square feet to be built in three phases:

  • Phase 1: Two buildings (Building 1 and 2) comprising 13 units totaling 18,418sqft;
  • Phase 2: Two buildings (Building 4 and 5) comprising 13 units totaling 18,418 ft2 and;
  • Phase 3: Two buildings (Building 3 and 6) comprising 16 units totaling 22,648 ft2

Construction work on phase 1 has already started.

The project is overseen by the Managing Director of Dawan Developments, Andy Ismail. He said: “The support 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 allowed us to take the project to the next stage with two more buildings under construction ahead of the proposed schedule, meaning the entire project will end six months ahead of schedule. initially planned. The facilities of the Development Bank were quick and easy to set up once all the relevant information was provided.

Funding for the deal comes from the Wales Commercial Property Fund, supported by the Welsh government and 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 a much sought-after modern commercial space. It will also support our commitment to create business opportunities and secure sustainable economic benefits.

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

The deal was structured on behalf of the Development Bank by real estate investment manager Carl Fitz-Gerald. He said, “Andy is an excellent developer with a proven track record in creating high quality commercial and industrial spaces. Starter units and small commercial spaces are in high demand in South Wales, and those available at Spider Camp have attracted considerable interest. This project will help create a dynamic business center for the region. We are delighted to be able to support this project and look forward to a fruitful and continuing relationship with Andy and Dawan Developments.

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