The scheme from Primesave Homes is being supported with loan funding from the Development Bank of Wales
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Work on the first phase of a 44-home residential scheme in Powys is nearing completion following £4.68m in loan support from the Development Bank of Wales.
The Oaks Meadows scheme in the village of Sarn is being developed by Primesave Homes, a Shrewsbury-based family-run business headed by Steve Jennings and his daughter Keri.
Loan funding from the development bank, which is wholly-owned by the Welsh Government, will ensure the first completions on phase one next month. Nine of the properties are being sold to local people using Powys County Council’s local needs scheme. This allows buyers to purchase 100% of the property at a discounted market rate as calculated by the local authority. The properties are then owned outright by the new owners with freehold title. If resold, they cannot be for buy-to-let investments, as well as holiday or second homes.
Keri Negron-Jennings, director of Primesave, said: “As a local family-run company, we pride ourselves on building high-quality and good-value new homes. Oaks Meadow offers local people the opportunity to buy in their community, be that their place of birth, residency or employment, which is why we were keen to make sure that we partnered with a funder who understood the local area.”
The scheme will provide two-, three- and four-bedroom properties.
Anna Bowen, property development executive with the Development Bank of Wales, said: “Primesave is a well-established family business building properties that are good-quality, sustainable, energy-efficient and affordable. It’s exactly what the rural communities of Powys need, hence strong levels of demand for these new homes.
“As a long-term customer of the Development Bank, we’re pleased to be working closely with Keri and Steve as they grow their business and deliver more homes in Wales.”
The loan to Primesave Properties came from the development bank’s Stalled Sites Fund, which is financed by the Welsh Government. The fund provides loans ranging from £150,000 to £6m with a maximum four-year term for development projects in Wales.