£5.6 million property boom for mid and west Wales

Senior Property Development Executive

Work is progressing on two new residential property sites in Carmarthenshire and Powys with the development of 33 new homes funded by the Development Bank of Wales.

Haywood Homes has secured an investment of £3 million from the Development Bank of Wales for their Llys Tirnant site in Tycroes, Ammanford, Carmarthenshire.

The  17-unit site is progressing in line with Government guidelines on Covid-19 with a mixture of three and four bedroom detached properties, including a number of bungalows. Llys Tirnant is set in an idyllic village location with easy access to the M4. With prices starting at £269,950, the new homes combine contemporary energy efficient design , low maintenance  with a high specification finish.

An initial £1.3 million loan for new home developers Sotero Limited has enabled the start of work at ‘Drovers Meadow’ in Bronllys, Powys. With consent to build 16 three and four and five bedroom properties, the Development Bank of Wales will release a further £2.3 million during the 14 month build programme.

With prices starting at £350,000, Drovers Meadow is the latest project for family-owned development business Sotero. Sonia Mancisidor is the Director of the company. She said: “Drover’s Meadow is a really special development in the picturesque village of Bronllys that is attracting the interest of local families and those wishing to relocate to this beautiful part of Wales.

“As a developer, quality is everything. Our aim is to provide homes which promote physical and mental wellbeing as well as providing a solid investment for the future. We design with current and future family needs in mind.

“The Development Bank of Wales shares our commitment to working with the local supply chain to deliver much-needed high quality properties that home-owners can cherish for years to come. “

Mike Haywood of Haywood Homes said: “Just like the Development Bank of Wales, we pride ourselves in providing the highest level of customer service and making the process as easy as possible for our customers. The team at the Development Bank have certainly lived up to expectation and I hope that our customers would say the same about us.”

The Wales Property Fund is financed entirely by Welsh Government with the Development Bank of Wales having invested £24 million in property deals in 2018/19 to part-fund 320 housing units and 8,690 square feet of commercial space. Loans between £150,000 and £4 million for terms less than 24 months are available for small and medium sized developers. Short-term finance from £250,000 up to £5 million is available for commercial projects. Over £137 million is currently available including a Stalled Sites Fund of £40 million to enable developers to unlock stalled residential housing projects.

Alwyn Thomas of the Development Bank of Wales said: “Local developers like Haywood Homes and Sotero have a big social and economic impact; bringing much needed homes, jobs and supply opportunities to local communities. That’s why funding from our Wales Property Fund is so important, particularly as the fund is recyclable meaning that the money received from these investments is reinvested to enable the follow-on investment for both developers.

“Both developers offer exceptional family homes with the highest quality specification. Meticulous attention to every detail extends from the design and build, right through to the quality of the internal specification so we expect demand to be strong. Both sites expect to be able to welcome visitors over the next few weeks in line with social distancing measures and we look forward to working with both developers as their respective sites progress.”