The Development Bank of Wales and Housing Growth Partnership (HGP) have joined forces to invest more than £14m into Edwards Homes’ new residential development in Connah’s Quay, North Wales.
The Development Bank of Wales’ £11.7m loan for the project came via the Wales Stalled Sites Fund and marks its largest ever single property investment, with HGP committing a further £2.7m in equity.
The new development will comprise 141 two-, three- and four-bed homes for sale and 49 affordable homes, which will be sold to North Wales Housing Association.
John McKeon, investment director at HGP, said: “This transaction continues our strong investment levels in 2024, reflecting the important role that HGP equity funding can play in bringing forward new schemes and the regeneration of communities across the UK. We look forward to seeing Edwards Homes bring forward the delivery of much needed private and affordable housing in the region and also partnering with them on further schemes in their pipeline.”
Neil Edwards, managing director of Edwards Homes, added: “Edwards Homes is pleased to be partnering with Housing Growth Partnership for the first time. We are also delighted to be collaborating with Development Bank of Wales again whom we have worked with on previous projects in the past and who continue to support Edwards Homes on this 141 unit development in Connah’s Quay. This is a fantastic opportunity for us to continue to expand and grow throughout North Wales and the North West of England.
“We believe that we are one the first developers that Housing Growth Partnership have collaborated with in Wales and we look forward to bringing this scheme forward together. With further schemes in the pipeline we are looking to grow our partnership with Housing Growth Partnership and Development Bank of Wales further in the future by providing much needed homes and affordable housing.”
Claire Sedgwick, deputy fund manager at the Development Bank of Wales, said: “We are very pleased to support Edwards Homes and Housing Growth Partnership with this development, which will help provide much-needed residential homes in Flintshire. Our property funds are here to support independent developers in making a big impact in Wales, and can work with them at any stage of development. In the last five years, we’ve invested £212m in the property development sector in Wales, helping to build new homes and commercial premises across Wales.
“It made perfect sense for us to join the Housing Growth Partnership in supporting development on this important project, with investment led by our team based in north Wales and we look forward to its successful completion.”
