Principality shows confidence with £8m funding package

 Just weeks after the build teams broke ground at their Ogmore-by-Sea, and Tenby developments, Waterstone Homes, part of the Jehu Group, has continued its success of selling off plan, with over 50% of properties at both locations having already been sold or reserved.

Welsh Building Society, Principality, has been instrumental in securing the success of the exclusive developments by guaranteeing a seven-figure funding package of £8 million across the two projects.

Both developments are at the luxury end of the market and, despite being significantly more expensive than many other new-builds available in the area, the higher asking price of Waterstone Homes is not deterring interest or sales, even in the wake of Brexit.
Andrea Gardner, Sales Director at Waterstone Homes, said: “Our Tenby and Ogmore developments have yet again attained the fast selling trend that Waterstone Homes has become accustomed to, which is testament to their exceptional standard and desirability of their prime locations and design.  We have already sold more than half of the properties on both developments, which won’t be ready until Summer 2017.

51º Latitude in Tenby, which consists of 14 two and three bedroom apartments overlooking South Beach, is priced between £360,000 and £600,000, while Tusker’s Point in Ogmore offers a selection of 12 four-bedroom homes with prices starting at £620,000. The four designs on offer capture a lifestyle for the niche market desired by clients today, taking full advantage of unrivalled sea views.

Andrew Lycett, Finance and Operations Director at Waterstone Homes said: “Whilst there was initial uncertainty in the housing market following Brexit, we can safely say that the vote to leave the European Union has not impacted upon sales or early reservations on either of our new projects at Ogmore-by-Sea or Tenby, where interest has been very strong.

“Whilst the recent reduction in interest rates has had little impact on affordability, it is a concern to the sector more broadly, as it has signaled a tightening of lending for developers. The support that we have from Principality is therefore very reassuring due to their excellent understanding of the economic environment here in Wales.”
Gareth Redding, senior portfolio manager at Principality, said:

“As the biggest building society in Wales, we are keen to support and see Welsh businesses grow. We want to continue to help people to prosper in their homes. We have enjoyed working with Waterstone Homes on this project and the interest shown in the homes is a testament to the desirability of the development.

“This is just one of a number of schemes that Principality Commercial has been working on in South Wales and we continue to work with a range of local developers to finance schemes that provide jobs and homes to the people of Wales.”

The new funding package follows a recent £2.5 million loan provided by Principality in support of Waterstone Homes’ exclusive development at the sought after location of Derwen Fawr, Swansea, where all 18 homes are now sold.  All properties at Waterstone Homes’ Cambrian Quay project in Saundersfoot have also sold out.

The next locations to receive the Waterstone Homes treatment are Llanishen and St Nicholas, these developments will be small sites of around 25 and 15 homes.

15 September 2016