Primesave Homes secures £4.7m from the Development Bank of Wales for a residential development in Powys
The funding from the Development Bank of Wales supports the construction of 44 new homes in Newtown.
Primesave Homes is a family-run property developer based in Powys that builds residential housing across Wales.
Primesave Homes has secured £4.7m in funding across two investments from the Development Bank of Wales to support the construction of 44 new homes in Newtown, Powys.
The capital, delivered via the Stalled Sites Fund, has enabled work to progress on the Oaks Meadow development, with the first phase nearing completion and initial move-ins scheduled for September 2023. Nine properties are designated for local buyers through Powys County Council's Local Needs Scheme.
The family-run developer has an established relationship with the investor, utilising the financing to address regional demand for sustainable and affordable rural housing.
From the founder
"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."
Keri Negron-Jennings
Director at Primesave Homes
Investor perspective
"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."
Anna Bowen
Property Development Executive, Development Bank of Wales
Use of funds
- 01Build out infrastructure