Loading...

Development Bank feels at home in Powys with £4.68 million investment

Investors in this round: Development Bank of Wales

Work is nearing completion on the first phase of a development of 44 new homes in Newtown, Powys following two investments totalling £4.68 million by the Development Bank of Wales.

Oaks Meadow is located in the village of Sarn, on the A489 between Newtown and Churchstoke. A range of two, three and four bedroom homes are being marketed by developers Primesave Homes Limited, a family-run business led by Father and Daughter Steve and Keri Jennings.  All properties will have off-road parking with detached plots also benefitting from single garages. Oil fired central heating will be installed with extensive floor, wall and loft insulation and a solar roof.

Two lots of funding totalling £4.679 million from the Development Bank for phases one and two of Oaks Meadow have enabled the works to progress with the first completions on phase one expected in September 2023. Nine of the properties are being sold to local people using Powys County Council’s Local Needs Scheme, allowing buyers to purchase 100% of the property at a discounted market rate as calculated by the Council. The properties are then owned outright by the new owners with freehold title. The affordable nature of the property is maintained for future buyers as they must be resold following the sale criteria which includes not being sold as buy to let investments, holiday or second homes.

Keri Negron-Jennings is a Director of Primesave. She said: “As a local family-run company, we pride ourselves on building high-quality and good value new homes. Oaks Meadow offers local people the opportunity to buy in their community, be that their place of birth, residency or employment which is why we were keen to make sure that we partnered with a funder who understood the local area.

“The Development Bank has a different approach to many of the high street banks; they’ve got a vested interest in supporting economic and social growth throughout Wales so understand the bigger picture. We also really appreciate their flexibility.”

Anna Bowen is a Property Development Executive with the Development Bank of Wales. She said: “Primesave is a well-established family business building properties that are good quality, sustainable, energy-efficient and affordable. It’s exactly what the rural communities of Powys need hence strong levels of demand for these new homes. As a long-term customer of the Development Bank, we’re pleased to be working closely with Keri and Steve as they grow their business and deliver more homes in Wales.”

The loan to Primesave Properties came from the Stalled Sites Fund. Financed by the Welsh Government, loans from £150,000 to £6 million are available with a maximum four-year term for developments in Wales.

£4.68m

Development Bank feels at home in Powys with £4.68 million investment

Development Bank feels at home in Powys with £4.68 million investment

By Development Bank Of Wales Development Bank of Wales Profile 31 Aug 2023