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Caerphilly Council is appealing to private sector firms to take over the running of Cwmcarn Forest Drive.
The council currently manages the site, via an agreement with landowner Natural Resources Wales (NRW).
Last year, the council spent £323,000 running the forest drive – and has warned previously the site may “not be financially viable in the long-term”.
In 2022, the council launched its Cwmcarn Forest masterplan, which aims to boost tourism to the area, which includes projects such as the development of an alpine coaster, a scenic aerial walkway, zipwires, and a bungee jump.
Now, the local authority is working with Natural Resources Wales and real estate advisors Avison Young to seek expressions of interests from companies keen to manage and develop the site.
Last year, Cwmcarn Forest welcomed 226,000 visitors, with peaks on weekends and during school holidays.
Council deputy leader Jamie Pritchard said: “This site offers a unique opportunity to create a landmark visitor destination for south Wales that will also attract people from across the UK. With tourism in the region already generating over £134 million annually, this site is perfectly positioned for growth.
“We want to continue to transform Cwmcarn into a premier recreational hub, enhancing its appeal while driving further economic benefits for the area.
“We very much look forward to working with partners to build a destination that offers a first-class visitor experience and boosts national tourism.”
Steve Morgan, of Natural Resources Wales, said: “The redevelopment and improvement of the forest drive that we’ve seen over recent years has had tremendous support and involvement from the local community. We want that to continue as we work together with our partners to uncover new opportunities for the site for the years to come.”
Leo Llewellyn, of Avison Young UK, described Cwmcarn Forest Drive as “brimming with potential”.
He said: “It presents an exceptional opportunity for a development partner to shape the future of an iconic Welsh visitor attraction.
“We’re seeking a visionary partner to help elevate Cwmcarn Forest into a top-tier destination for recreation and tourism, with ample potential for growth across a variety of facilities.
“This is a rare chance to play a crucial role in shaping a truly sustainable and dynamic development.”
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