Development Bank Feels at Home in Powys with £4.68 Million Investment

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Development Bank of Wales , 25th August 2023

Work is nearing completion on the first phase of a development of 44 new homes in Newtown, Powys following two investments totalling £4.68 million by the Development Bank of Wales.

Oaks Meadow is located in the village of Sarn, on the A489 between Newtown and Churchstoke. A range of two, three and four bedroom homes are being marketed by developers Primesave Homes Limited, a family-run business led by Father and Daughter Steve and Keri Jennings. All properties will have off-road parking with detached plots also benefitting from single garages. Oil fired central heating will be installed with extensive floor, wall and loft insulation and a solar roof.

Two lots of funding totalling £4.679 million from the Development Bank for phases one and two of Oaks Meadow have enabled the works to progress with the first completions on phase one expected in September 2023. Nine of the properties are being sold to local people using Powys County Council’s Local Needs Scheme, allowing buyers to purchase 100% of the property at a discounted market rate as calculated by the Council. The properties are then owned outright by the new owners with freehold title. The affordable nature of the property is maintained for future buyers as they must be resold following the sale criteria which includes not being sold as buy to let investments, holiday or second homes.

Keri Negron-Jennings is a Director of Primesave. She 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 Development Bank has a different approach to many of the high street banks; they’ve got a vested interest in supporting economic and social growth throughout Wales so understand the bigger picture. We also really appreciate their flexibility.”

Anna Bowen is a Property Development Executive with the Development Bank of Wales. She 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 Stalled Sites Fund. Financed by the Welsh Government, loans from £150,000 to £6 million are available with a maximum four-year term for developments in Wales.

Mae gwaith ar fin cael ei gwblhau ar gam cyntaf datblygiad o 44 o gartrefi newydd yn y Drenewydd, Powys yn dilyn dau fuddsoddiad gwerth cyfanswm o £4.68 miliwn gan Fanc Datblygu Cymru.

Lleolir Oaks Meadow ym mhentref Sarn, ar yr A489 rhwng Y Drenewydd a'r Ystog. Mae amrywiaeth o gartrefi dwy, tair a phedair ystafell wely yn cael eu marchnata gan y datblygwyr Primesave Homes Limited, busnes teuluol sy'n cael ei arwain gan Dad a Merch, sef Steve a Keri Jennings. Bydd gan bob eiddo le parcio oddi ar y ffordd gyda phlotiau ar wahân hefyd yn elwa o garejys sengl. Bydd gwres canolog olew yn cael ei osod gydag inswleiddiad helaeth yn y llawr, waliau a’r llofftydd a tho solar.

Mae dwy lot o gyllid ariannu gwerth cyfanswm o £4.679 miliwn gan y Banc Datblygu ar gyfer cam un a cham dau Oaks Meadow wedi galluogi’r gwaith i symud ymlaen ac fe ddisgwylir i’r gwaith cwblhau cyntaf ar gam un gael ei gwblhau ym mis Medi 2023. Mae naw o’r eiddo yn cael eu gwerthu i bobl leol sy’n defnyddio Cynllun Anghenion Lleol y Cyngor Sir Powys, sy'n caniatáu i brynwyr brynu 100% o'r eiddo am bris gostyngol y farchnad fel y'i cyfrifwyd gan y Cyngor. Yna mae'r eiddo yn eiddo'n llwyr i'r perchnogion newydd sydd â theitl rhydd-ddaliadol. Mae natur fforddiadwy’r eiddo yn cael ei gynnal ar gyfer prynwyr y dyfodol gan fod yn rhaid iddynt gael eu hail werthu gan ddilyn y meini prawf gwerthu sy’n cynnwys peidio â chael eu gwerthu fel buddsoddiadau prynu i osod, cartrefi gwyliau neu ail gartrefi.

Mae Keri Negron-Jennings yn Gyfarwyddwr Primesave. Meddai:

“Fel cwmni teuluol lleol, rydym yn ymfalchïo mewn adeiladu cartrefi newydd o ansawdd uchel a gwerth da. Mae Oaks Meadow yn cynnig cyfle i bobl leol brynu yn eu cymuned, boed hynny yn fan geni, preswyliad neu yn le gwaith iddynt a dyna pam yr oeddem yn awyddus i wneud yn siŵr ein bod yn partneru â chyllidwr a oedd yn deall yr ardal leol.

“Mae gan y Banc Datblygu agwedd wahanol i lawer o fanciau’r stryd fawr; mae ganddynt ddiddordeb personol mewn cefnogi twf economaidd a chymdeithasol ledled Cymru ac felly maen nhw’n deall y darlun ehangach. Rydym hefyd yn gwerthfawrogi eu hyblygrwydd yn fawr.”

Mae Anna Bowen yn Swyddog Datblygu Eiddo gyda Banc Datblygu Cymru. Meddai:

“Mae Primesave yn fusnes teuluol sefydledig sy’n adeiladu eiddo o ansawdd da, a hynny yn gynaliadwy, yn ynni-effeithlon ac yn fforddiadwy. Dyna'n union sydd ei angen ar gymunedau gwledig Powys ac felly mae galw cryf am y cartrefi newydd hyn. Fel cwsmer hir dymor i’r Banc Datblygu, rydym yn falch o fod yn gweithio’n agos gyda Keri a Steve wrth iddynt dyfu eu busnes a darparu mwy o gartrefi yng Nghymru.”

Daeth y benthyciad i Primesave Properties o'r Gronfa Safleoedd Segur. Wedi’u hariannu gan Lywodraeth Cymru, mae benthyciadau rhwng £150,000 a £6 miliwn ar gael gydag uchafswm o bedair blynedd ar gyfer datblygiadau yng Nghymru.