Vibrant & Viable Places ‘Development Loans’ Available to Help With Regeneration of Town Centre Properties

Properties in Wrexham town centre could take on a new lease of life as developers and owners are invited to apply for a government-funded loan scheme via Wrexham County Borough Council.

Loans backed by the Welsh Government’s Vibrant and Viable Places (VVP) scheme are available to developers who may be keen to progress with the redevelopment of town centre properties, but don’t have the capital required to commence on major works.

The scheme has already kick-started work on properties in Wrexham town centre, including the former Wrexham Motoring Supplies Store in Penybryn, which collapsed suddenly in January 2015 which is now the subject of redevelopment with contractors DMR of Coedpoeth as a retail and residential site.

Work on the site is expected to be complete by October 2017.

Also subject to redevelopment is the former Ebenezer Chapel on Chester Road, which is to be redeveloped as accommodation.

The two sites are to undergo a combined total of £500,000 worth of major renovation works.

The three streams of loans available are:

– Empty Property
– Commercial Property
– Home Improvements (available for owner-occupied or private rented homes)

Cllr Neil Rogers, Lead Member for Economic Performance and Regeneration, said: “We are very keen to invite outside bodies, such as property developers, to apply for the VVP-backed loans.

“Where we have resources and powers as a council, we have already started work on the continued regeneration of Wrexham Town Centre – including through the publication of the Town Centre Masterplan, and by providing business support to those businesses who request it.

“But there will be other areas outside of our direct control, such as the direct redevelopment of certain key sites in the town centre which would help the appearance and regeneration of the area overall, as well as bring properties back into long-term, viable use.

“Luckily, the VVP loans available can give developers the confidence they need to commence work on such projects, and we are keen to work with such partners wherever possible to facilitate important regeneration works.”

Wrexham Council was also recently awarded £1million in funding from the Welsh Government which will allow the authority, or third parties, to acquire properties in the VVP area for future redevelopment.

Cllr Rogers added: “I’m very pleased that we in Wrexham were awarded this funding, and it will go some way to aiding the redevelopment of the town.

“This project will be delivered on a long-term strategic basis and as such decisions over the implementation of funds are yet to be made, but further announcements will be made in future as decisions are made.”

Additional loan funding for both empty and occupied privately-owned properties is also available for the rest of the County Borough.

For further information about any of these schemes contact Siôn Wynne, Private Sector Improvement Officer, on 01978 315 587 or [email protected]

*Pictured – Ebeneser Chapel which is to be converted into 22 flats