Welsh housebuilder Waterstone Homes has secured a seven-figure funding package from Wales’ leading building society, Principality, in support of its latest housing projects and ambitious growth plans.
The Bridgend-based property developer, part of the Jehu Group of Companies, has received £3.35m worth of funding from Principality Commercial to assist with the construction of its new Usk Field development in Llanishen, North Cardiff.
Already taking reservations off plan, the new residential development will consist of 20 luxury family homes, with three, four and five-bedrooms priced between £500,000 to £730,000, plus five affordable houses.
Waterstone Homes was able to secure the loan following a number of previous, successful developments with Principality Commercial, which have helped the firm to achieve record growth over recent years, and seen it double its headcount and increase its turnover to more than £20m.
In the last 12 months, the business has sold out three multi-million-pound developments, with property sales up from £15m to £19m. The firm now on track to see its turnover grow even more in the next year, thanks to the support of Principality.
Andrew Lycett, Waterstone Homes’ Finance Director said:
“Waterstone Homes has had an exceptional year of growth with turnover, profits and the number of homes built all having increased significantly. We have ambitious plans to continue this upward trend and grow the business further, which will of course, require financial support.
“It is great to work with Principality again on our latest development and to know that they recognise our strengths and potential. We are very thankful for the funding and look forward to continuing to grow the business with their support.”
Gareth Redding, Senior Portfolio Manager at Principality Commercial said:
“This is an exciting development for Principality working alongside Waterstone Homes. As well as funding luxury homes for families in the area, we’re equally as passionate about the affordable homes market, a key element of this development.
“This is just one of a number of ongoing schemes for Principality Commercial at the moment, as we continue to work with a range of local developers to finance developments that provide jobs and homes for the people of Wales.”
Usk Field is the latest in a long line of Waterstone Homes’ schemes to have been supported by Principality, with funding having previously been provided on other sites including the award-winning developments, Tusker’s Point in Ogmore-by-Sea, and 51o Latitude in Tenby. Following this success, Principality Commercial has also agreed to fund Waterstone Homes’ latest luxury coastal scheme, Sand Banks, in Broad Haven.
Despite construction not due to be completed until December 2019, over 50% of the properties at Usk Field. Llanishen have already been reserved off plan.
Andrea Gardner, Sales & Marketing Director at Waterstone Homes said:
“After the huge success of our schemes in 2017, our new Llanishen site is following suit with sales in full swing. Half of the homes have already been sold in just five weeks, with high interest for the remaining units. This is testament to the quality of our homes and selected locations – qualities which are clearly valued by Principality.”
The Usk Fields development follows on from other successful projects across South Wales for Principality Commercial, including luxury apartments in Penarth, luxury family homes in Ewenny and an extensive homebuilding project at The Mill in Ely.