A former factory in Ebbw Vale could become home to a big player in the automotive industry, like TVR, after being sublet to the Welsh Government.

As part of a 10-year vision to transform part of the Gwent Valleys into a world-leading centre for advanced manufacturing, commercial property consultancy Lambert Smith Hampton has, on behalf of the landlord The Dewan Foundation, leased the185,000 sq ft former Techboard factory in Ebbw Vale to Welsh Government.

The trustees of The Dewan Foundation have agreed to finance a £4.5m refurbishment of the building at the Rassau Industrial Estate and hopes this will attract big players from the automotive industry, possibly luxury car maker TVR.

Owen Griffiths of LSH, says: "We’ve structured a long-term lease which 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 while 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 65,0000 sq ft factory in Cwmbran for a company manufacturing flat-bed aircraft seats.

Ramesh Dewan said: “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.”

The former Techboard building has been vacant since it closed in 2002. LSH was instructed to market it in 2015.

Owen Griffiths said: “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.”