The first residents have moved in to the recently refurbished Grade II listed Woodlands House in Malpas, Newport.
Brought back to life by developers Powell Property Developments, Woodlands House is a two storey Grade II Listed building that has been converted into six two-bedroom apartments as part of a unique development that also includes seven executive detached properties in a gated community.
Situated within the suburb of Malpas and approximately two miles from Newport City Centre, phases one and two of the Woodlands House development were funded by the Development Bank of Wales with two loans totalling £1.8 million.
As a customer of the Development Bank of Wales since 2015, Powell Property Developments is run by entrepreneurs Damien Powell and his brother Simon Powell, who has also invested in Comtec Group, Inspire Sport, Inspiretec and Innovantage.
Director Simon Powell said: “We’ve restored the Grade II Listed Woodlands House in Newport back to a home to be proud of. It has been lovingly converted into six executive apartments in a gated community. It’s proved to be an attractive proposition for new home owners with each home and apartment being intricately designed to provide the best interior layout and design.
“This hasn’t been an easy site to develop but with the support of the Development Bank of Wales, we’re delighted to see the community come to life with new residents moving in and enjoying these beautiful and practical homes.”
Stephen Higgins, a Property Development Executive with the Development Bank of Wales said: “As a family run development business, Powell Property Developments specialise in developing new homes and restoring older ones to their former glory. We often fund more complex developments like Woodlands House and it is always particularly rewarding to see listed buildings brought back to life.
“Simon and Damien have delivered a truly beautiful and unique development that is ideally positioned. The scrapping of the Severn Bridge tolls and the resilience of the housing market during Covid-19 means that demand has been high for these prestigious properties and we’re delighted to know that our funding has made a real difference.”
The £47 million Wales Property Fund is managed by the Development Bank of Wales on behalf of Welsh Government for the benefit of small and medium-sized developers based in Wales. The fund is recyclable with all money received from investments reinvested. Loans from £150,000 to £5 million are available with repayment terms of 24 months or less.