A charitable trust is set to benefit from the letting of the former Techboard factory in Ebbw Vale now that negotiations with Welsh Government are complete, Lambert Smith Hampton (LSH) has announced.
As part of a 10-year vision to transform part of the Gwent Valleys into a world leading centre for advanced manufacturing, LSH has on behalf of the landlord The Dewan Foundation, leased the 185,000 sq ft building to Welsh Government.
The trustees of The Dewan Foundation have agreed to finance a £4.5 million refurbishment of the building at the Rassau industrial estate and hopes that this will attract big players from the automotive industry, possibly luxury car maker, TVR.
Owen Griffiths of national commercial consultants LSH, says: ‘We’ve structured a long-term lease that reflects Welsh Government’s plans for an extensive renovation of the 12-acre site which will enhance its appeal to emerging technology and advanced manufacturing companies.
“The site is sure to achieve a high quality sub-let, helping to regenerate the area whilst at the same time supporting The Dewan Foundation.”
Ramesh Dewan, a trustee of The Dewan Foundation, is a long term investor in Wales having built an eight phase office park of over 200,000 sq ft in Swansea; a 20,000 sq ft office for the North Wales Police in St Asaph; and a 15,000 sq ft development in Pontypool for HMRC. Other builds include a 40,000 sq ft office for Rhondda Cynon Taf at Abercynon; 40,000 sq ft at Christopher Grey Court for an American packaging company at Lakeside Business Park, a 65,0000 sq ft factory in Cwmbran for a company manufacturing flat-bed aircraft seats as well as a 40,000 sq ft industrial development at Poolman Court in Pembroke Dock, West Wales.
Ramesh Dewan explains: “We set up The Dewan Foundation to help causes throughout in the UK, Europe and internationally.
“We are therefore delighted that through Welsh Government leasing the building and all rental income set to go into the Foundation, we can continue our support of children, adults and communities all over the world.”
In addition to its own initiatives, The Dewan Foundation works with many UK-based charities from the British Heart Foundation, the Samaritans, Great Ormond Street and the Motor Neuron Association. Further afield it supports international concerns including SOS Children’s Villages and the Brighter Future Trust. For more information about the charity visit: http://dewan-foundation.org/.
The former Techboard building has been vacant since it closed in 2002. LSH was instructed to market it in 2015 and says Owen Griffiths: “This is a significant transaction and we are pleased to have played our part in putting in place a deal that benefits all those involved and will undoubtedly be good for Wales.
“Once refurbished the site offers potential occupiers 185,000 sq ft of accommodation within Welsh Government’s Tech Valleys project that has ambitions for Blaenau Gwent and the wider Valleys to become a key location for the development of emerging technologies.”