A property developer has started construction on two new green homes on the site of a former bungalow, thanks to help from the Development Bank of Wales.
Developer Andrew Smith has a strong track record of turning old properties into new modern homes in and around Cardiff, with successful projects in Whitchurch, Treforest and Penarth.
Keen to start work on greener developments in the area, Andrew sought help from the Development Bank to finance a new project at Brynawelon Road, Cyncoed.
Work is ongoing at Brynawelon Road, on two new four-bedroom, semi-detached homes, with the aim that the new development will achieve Passivhaus certification with work forecast to be completed in August 2024.
Passivhaus is an industry-recognised quality assurance for the design and construction of low-energy buildings, using materials and methods which will reduce carbon emissions and energy use over the lifetime of the property. It also optimises builds for decarbonised energy grids, and ensures properties use very little energy for heating and cooling.
The new homes are being developed using insulated concrete form (ICF) construction, which uses polystyrene moulds to form concrete allowing for quicker, better construction and improved insulation.
Andrew is also looking to offset the CO2 generated through the construction via the purchase of carbon credits through a globally recognised scheme to meet the requirements of the Carbon Neutral Protocol.
Andrew said: “Innovative builds like these need equally innovative finance to get them off the ground, and the support I’ve had from the Development Bank has been fantastic. The Green Homes Incentive was exactly what we needed, and it gives us the chance to aim at achieving Passivhaus certification for these new properties.”
Karl Jones, senior property development executive at the Development Bank of Wales, said: “We are really pleased to be able to work with Andrew in supporting the construction of two Passivhaus homes.
“More and more developers are keen to take steps towards greener construction methods – not only because of its lowered carbon output, but also because buyers are looking for energy-efficient homes which will help cut their bills.
“These homes will be a fantastic example of what the construction sector in Wales is able to achieve in terms of green home building.”
The work is funded by the Green Homes Incentive , which supports developers as the construction sector continues its decarbonisation journey, and encourages greater strides towards insulation and improved energy use in a new generation of Welsh home builders, supporting Wales’ journey to become net zero by 2050.
The Green Homes Incentive is available to residential developers who meet green standards, with a reduction of up to 2% on residential development loan fees if certain green criteria are incorporated.
For more information, visit: https://developmentbank.wales/get-business-finance/property-development-finance/green-homes-incentive
