Former All Black and Cardiff Blues Captain Xavier Rush is to renovate Grade ll listed, Pen Y Fal chapel, in Abergavenny in to six high quality townhouses assisted by a £1.1m loan from the Development Bank of Wales.
Xavier is no stranger to listed buildings or churches, having been involed in award winning Albert Road Methodist Church and award nominated Grade II listed West Aberthaw Barns.
Xavier established X-Stream Properties Limited in 2016 after he retired from professional rugby. His latest project saw the transformation of West Aberthaw Barns into a state-of-the-art property acquired by Orbis Education and Care, for the residence of autistic adults.
Set within the grounds of the former Pen-y-Fal hospital, the Victorian chapel on beautiful Sycamore Avenue in Abergavenny will be renovated over a nine month period.
Xavier explained his vision for the project: “Spread over three floors, the six townhouses will be perfectly situated in a beautiful parkland setting, yet less than a 5 minute walk from the bustling market town of Abergavenny. It is a great location for commuters as there is a train station nearby and swift access to primary road links. Food lovers can also enjoy the internationally renowned food festival and some of the best restaurants in Wales!”
“The loan from the development bank will enable us to breath new life into the chapel to the highest specification; creating accommodation that exceeds the expectations of the most discerning buyers.
“What’s great is that the decision-making process on the loan has been really quick and straight-forward plus we’ve had the help of a dedicated property development executive to ensure that the finance is tailored to meet our exact needs. We couldn’t have asked for more.”
Nicola Crocker is the property development executive with the development bank who has been working with Xavier. She said: “We are here to help small to medium-sized developers make a big impact across Wales. Xavier’s vision is to create unique living spaces in desirable locations and this will hopefully be one of many similar developments for Xavier. We were immediately keen to support his latest development given the attractiveness of Abergavenny and the appeal of the properties being created. The short development period will enable us to recycle the funds into further development opportunities in Wales.”
Financed by the Welsh Government, the Wales Property Fund offers short-term commercial property loans from £150,000 to £4 million for residential and mixed use developments. If you are interested in applying for a property development loan visit developmentbank.wales/get-business-finance/property-development-loans to find out more.