A major new residential scheme in Tonyrefail has secured a £24.5m investment including the biggest ever made by the Development Bank of Wales. The housing scheme from Cardiff-based property development firm Tirion Homes will see 114 new homes.
The funding, which will ensure the scheme’s completion, includes debt funding of £17.5m from the development bank’s Wales Property Fund and Wales Stalled Sites Fund. Tirion has also secured £7m in grants from the Welsh Government.
Work on the Parc Eirin scheme, a low carbon mixed-tenure residential development project, is under way. Contractor Morganstone is scheduled to complete the scheme by the end of 2027. All 114 homes will achieve an EPC (energy performance certificate) A-rating and include energy-saving features such as solar panels, communal battery storage and ground source heat pumps. There will be 81 two and three-bedroom homes along with 33 one-bedroom flats split for sale and rent across the open market and social rentals. Tirion Homes has previously completed similar housing projects at The Mill in Cardiff and Royal Victoria Court in Newport.
Jayne Bryant, Cabinet Secretary for Housing and Local Government has welcomed the start of work at Parc Eirin. She said: “The Welsh Government is committed to increasing the supply of affordable and good quality housing throughout Wales. We have a target to deliver 20,000 low-carbon homes for rent in the social sector by 2026.
“Not only do sites like Parc Erin support the delivery of sustainable and energy-efficient homes, but they also create employment opportunities and help boost local economies. This is exactly the type of investment that can deliver social and economic value to families and individuals across Wales.”
David Ward, chief executive for Tirion Homes said:: “We are proud to be part of this landmark investment from Development Bank of Wales and Welsh Government so that we can continue to support the government’s aim to deliver 20,000 affordable, low carbon quality homes by the end of this Senedd term. These partnerships are essential to our ability to accelerate the delivery of major regeneration projects across Wales.”
“We are delighted to be working with Morganstone to deliver Parc Eirin, which will be an opportunity to not only provide affordable homes but also homes for sale. Communities are at the heart of what we do and partnering with the Development Bank of Wales, Welsh Government and Morganstone, will help us achieve our aim to deliver high quality, sustainable homes in the Rhondda.”
Cenydd Rowlands is property director for the development bank. He said: “This is our largest ever investment, so it is particularly pleasing that our funds are being used to support the construction industry and home ownership in Wales.
“Led by property fund manager Nicola Crocker alongside Karl Jones, senior property development executive, this has been a great team effort that demonstrates our ability to deliver a range of tailored finance options for small and medium-sized developers to bring forward commercial, residential and mixed-use developments that support economic and social growth throughout Wales. It’s all part of our commitment to providing sustainable and effective business finance that brings ambitions to life and fuels possibilities for people, businesses and communities in Wales.”
