Work can start on 31 more homes in Carmarthenshire after two local developers secured £7.5m from the Development Bank of Wales for the next phases of their schemes.
The bulk goes to St Clears, where family-owned Solitaire Homes will build 24 houses in the third phase of its Priory Fields development. Seven of the 24 will be affordable homes.
Once the third phase is finished, the bank says, Priory Fields will total 76 homes. Solitaire has borrowed £5.7m for this stage.
In Carmarthen, Mentrus Developments has £1.8m for the third phase of Maes y Teirw, seven energy-efficient homes on a 2.2-acre former industrial site.
The homes at Priory Fields are being built by Obsidian Homes, a housebuilder the bank describes as fast-growing and which it says now employs around 40 people in west Wales.
Huw Morgan, director of Solitaire, said the firm was moving ahead “following the strong response to the first two phases of the development”.
“As a family business based in Carmarthenshire, we’re committed to working with local contractors, tradespeople and suppliers wherever possible, ensuring that investment in new homes also benefits the wider local economy,” he said.
“The demand we’ve seen for the development demonstrates the need for high-quality new homes in the area.”
Philip Mann, founder and director of Mentrus, said the money “allows us to maintain momentum at Maes y Teirw and deliver another phase of high-quality, energy-efficient homes on what was once a brownfield site”.
“Our focus has always been on building homes that are designed for modern living while making the best use of previously developed land,” he added.
The money comes from the bank’s Wales Residential Property Fund, with the Carmarthen scheme also drawing on its Green Development Incentive, which rewards lower-carbon building.
Karl Jones and Rob Good, the bank’s property investment executives on the two deals, said in a joint statement that its role was “to help unlock developments and accelerate delivery where there is clear local demand”.
“Together, the projects will deliver more than 30 new homes, support local employment and create opportunities for contractors and suppliers across Carmarthenshire,” they said.
The Development Bank lends between £150,000 and £10m for housing and commercial schemes. It says it has put £306m into Welsh developers since 2017, helping to build 2,304 homes.
The bank is owned by the Welsh Government and lends on commercial terms, so the £7.5m is a loan to be repaid, not a grant.
Discover more from Swansea Bay News
Subscribe to get the latest posts sent to your email.
