16 August 2023
£5m in funding from Principality Commercial for new homes in Abergavenny
The first phase of The Grove, comprising of 42 homes, is now complete thanks to £5m in funding provided by Principality Commercial. Based in Llanfoist village on the outskirts of Abergavenny, the site has been developed by Candleston, a subsidiary of Melin Homes housing association.
When all three phases are complete the development will provide 69 homes for open market sale which are eligible for Help to Buy Wales and 37 homes which will be offered as affordable housing for local communities. Finished to a modern and high quality standard, the housing will range from two to five bedroom properties, with terraced, semi-detached and detached housing available. Prices for open market homes start at £240,000.
As the commercial lending arm of the building society, Principality Commercial provides development and investment funding for residential and commercial properties in Wales and England.
Jan Quarrington, Social Housing Manager, Principality Commercial said: ‘’We’re delighted to have supported Candleston’s new development in Abergavenny. As a member-owned organisation, helping people to prosper in their homes is at the heart of what we do, and The Grove supports just that, providing new affordable and open market homes for communities in Abergavenny and the surrounding areas.’’
Scott Rooks, Commercial Director, Candleston Homes said: “This was our first funding deal with Principality, and even though the economic conditions were challenging at times, we worked in partnership to help deliver the scheme. It has been great to see the residents move into their new homes, and we look forward to the completion of phases two and three over the next 12 months. It’s a pleasure to work with a funding partner that has the same ethos of generating homes and building communities.”
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