In April of 2019, Bangor, Wales property owners were invited to attend a community revitalization event to learn more about £2.16 million worth of new funding available to renovate properties in the city center.
Gwynedd Council, in partnership with Bangor Business Improvement District and Bangor City Council, established the £2.16 million fund to renovate downtown Bangor buildings and vacant lots. This follows Gwynedd Council’s successful bid from the Welsh Government’s Targeted Regeneration Investment Programme.
The Property Renovation and Investment Scheme will complement the existing Bangor City Centre Loans fund which has been in place since March 2017. It offers a package of support including loans, private investment and grant for commercial building owners and occupiers to enhance building frontages and bring vacant commercial floor space back into beneficial use.
Councillor Ioan Thomas, Cabinet Member of Economic Development at Gwynedd Council said: “Over the years, Gwynedd Council has been working closely with its partners to regenerate the city centre area, and we are delighted to have secured additional funding that offers Bangor businesses and residents the opportunity to renovate their buildings.”
“The funding will target vacant, under-used properties and buildings requiring renovation within the commercial areas of Bangor city centre with the aim of stimulating investment, employment opportunities as well as contributing to the vitality of the area,” he added.
There will also be an opportunity to liaise with the Empty Homes Team to discuss possibilities of utilising empty floor space above commercial properties by converting them into residential use.
Grants and interest free loans are available to tackle the problem of long term vacancies and improve the quality of housing stock in the private rented sector.
Featured photo courtesy of Owen’s.