Work to build four new business units in Nelson is set to begin in the summer, Caerphilly County Borough Council has said.
The new units, which will be built at the Ty Du site, are part-funded by the European Regional Development Fund through the Welsh Government, with further investment from the council and Welsh Government.
The new units will offer a combined 1,300 square metres of floor space and could potentially accommodate up to 16 businesses.
The proposed site layout includes car and bike parking, outdoor seating, trees and hedgerows.
The project, which will also see 200 new homes built in the area, has been given a funding boost after the council’s cabinet agreed a further £503k investment into the project from its reserves. It will be matched by up to £753k of Welsh Government funding.
The first phase of the project, which included preparing the site and the construction of infrastructure, access roads, drainage works and more, has been completed.
The second phase of the project is set to start in the summer, with the contractor to be announced at a later date.
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Council deputy leader Cllr Sean Morgan said: “The council has worked closely with Welsh Government and appointed designers and leading commercial property experts to develop a first class scheme designed to be as flexible as possible to cater for a range of future business needs.
“This additional investment will add significant value to this flagship development and provide a base for smaller businesses in the county borough.”
“The council’s commitment to investing in developments like Ty Du proves that Caerphilly really is a great place to do business.”
Lee Waters AM, who is Welsh Government’s deputy economy and transport minister, and has responsibility for the Valleys Taskforce, said: “The project will create an attractive proposition for businesses and future home owners, and will make a big difference to the area as it takes shape this year.”