A new residential scheme by Beech Developments in Caernarfon is providing 23 new affordable homes for housing association Cartrefi Cymunedol Gwynedd as part of a 45 housing property development in the town.
The two, three and four-bedroom homes will be available to local residents on the housing waiting list shortly after completion this year. Seventy per cent of the 22 houses available for sale have already been sold off-plan to members of the local community.
Matthew Gilmartin, Managing Director of Beech Development said: “We are delighted to be working with the Development Bank of Wales as well as with Cartrefi Cymunedol Gwynedd. There is a clear local need for quality new homes in Caernarfon and we are pleased to be able to help to meet that demand with our development.”
Ffrancon Williams, Chief Executive of Cartrefi Cymunedol Gwynedd, said: “As a leading provider of social housing across north Wales, we’re pleased to partner with Beech on this exciting new development at Cae’r Hendre, Caernarfon. With over 500 people waiting for a house for social rent in the Caernarfon area, there is a pressing need for more new homes to meet this need.”
The development has been supported with a short-term loan from the Development Bank of Wales. Claire Sedgwick, the Development Bank’s Deputy Fund Manager who structured the deal said: “It’s been a pleasure working with Matthew and the team at Beech Developments again. They are creating high quality homes which have been welcomed by the Caernarfon community. To have already sold and reserved so many homes to locals is a testament to the high build standard of the development, as well as a very real need for new homes in the area. I look forward to a positive ongoing partnership with Beech Developments.”
Gilmartin added: “We have found Claire and the team at the Development Bank to be extremely supportive of the business and look forward to working with them in the future. Anyone wishing to find out more about our exciting development will be able to call in to the new sales and marketing suite which is open on Saturday and Sunday each week from 10:00 until 16:00. You can also visit our website, http://beech-developments.co.uk/developments/hendre”
The Development Bank of Wales can invest in residential, mixed use and commercial developments through the Wales Property Fund, Wales Commercial Property Fund and the Stalled Sites Fund. Small to medium-sized developers can get short-term loans from £150,000 up to £5 million.