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Majority of developers in Wales find sourcing funding challenging

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MORE than a quarter (26%) property developers in Wales have been turned down for finance on all occasions

92% of developers say that finding finance was particularly challenging when starting their business1

93% of developers said that specialist lenders offer better support.

Property developers in Wales have pointed to funding as their key concern according to new research from Shawbrook. Over nine-in-ten (92%) of developers said that finding funding was the most complicated aspect of their business, while 93% stated that there are limited funding options for developers.

Significant numbers of developers have been rejected from accessing funding, with over a quarter (26%) having been rejected by a mainstream lender on all occasions.

The conception of a business appears to be the hardest stage to secure funding, with 92% of developers stating that it was particularly difficult to find funding when they were starting their business. On top of this, a similar number (90%) felt that it was harder to secure funding for a smaller business.

However, the vast majority (93%) of developers agree that no matter the size, sourcing funding is the hardest part of running their business, while 92% agree that funding expertise is difficult to source.

Fortunately, specialist funding is available for developers struggling to access funding for their projects, and over 93% said that specialist lenders offer better support to developers.

Terry Woodley, Head of Development Finance at Shawbrook comments: “Housebuilding is a key issue on the political agenda, but developers need support to understand the funding landscape and access the funding levels they need so that these much-needed projects can get off the ground.

“These developers that have struggled in the early stages of their business have gone on to build significant businesses, yet it’s clear funding is still a real barrier for entry, and early stage growth. There is funding available, and working with a specialist lender can help with structuring developers’ funding needs to surface that liquidity. If the gap is not addressed, promises to boost housing numbers will be very difficult to achieve.”

Business

Local site managers triumph in prestigious House-Building Awards

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PEMBROKE and Cardigan site managers have been celebrated for their exceptional dedication to quality house-building, earning top accolades in the industry’s most esteemed competition.

Gareth Davies of T I Davies A’I Fab Cyf and Mike Thomas of South Meadow Homes Ltd, representing Cardigan and Pembroke respectively, were among the prominent winners at the National House Building Council’s (NHBC) Pride in the Job Awards 2024. The prestigious event, held at Celtic Manor Golf Club in Newport on Friday, 13 September 2024, recognises the very best in the industry.

In the Small Builder category, Gareth Davies clinched the top honour for his outstanding work at Maes Y Dderwen in Cardigan. His exceptional commitment to raising standards was further acknowledged with the Pride in the Job Seal of Excellence. Meanwhile, Mike Thomas was awarded the Seal of Excellence for his work in Pembroke, demonstrating the high standards upheld by builders in the region.

Matthew Coyle of Redrow Homes South Wales was also a major winner on the night, securing the Large Builder category award for his work at Parc Y Coleg in Newport. Like Davies, Coyle was awarded the Pride in the Job Seal of Excellence, marking his dedication to quality construction.

The Pride in the Job Awards, now in its 44th year, are regarded as the ‘Oscars’ of the house-building industry, setting the benchmark for exceptional site management. The competition is known for its rigorous judging process, which assesses entrants across six key areas: consistency, attention to detail, leadership, interpretation of drawings and specifications, technical expertise, and health and safety.

This year, eight site managers from across Wales received the Seal of Excellence, having first earned a Quality Award in the initial round of the competition in June. The full list of Seal of Excellence recipients includes:

  • Gareth Davies of T I Davies A’I Fab Cyf, Cardigan
  • Matthew Coyle of Redrow Homes South Wales, Newport
  • Dave Jones of Barratt and David Wilson Homes South Wales, Swansea
  • Paul Oakley of Bellway Homes Wales, Cardiff
  • Nick Powell of Redrow Homes South Wales, Newport
  • Nick Rumble of Persimmon Homes West Wales, Pontyclun
  • Mike Thomas of South Meadow Homes Ltd, Pembroke
  • Daniel Williams of Taylor Wimpey South Wales, Penarth

Steve Wood, CEO at NHBC, extended his congratulations to the winners: “For more than four decades, Pride in the Job has underpinned NHBC’s purpose of raising standards in house building. The competition recognises the UK’s top site managers, showcasing best practice and rewarding excellence. Winning site managers demonstrate dedication, passion, and leadership to ensure new homes are delivered to exacting construction quality standards.”

The regional events, taking place throughout the UK, aim to celebrate these achievements and acknowledge the recipients of the Quality Awards. Mr Davies and Mr Coyle will now progress to the next stage of the competition, vying for the ultimate prize in house building at the Pride in the Job Supreme Awards, set to be revealed at a gala ceremony in London in January 2025.

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Specsavers expansion ‘shows confidence in future of Haverfordwest’

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SPECSAVERS’ decision to expand into larger premises in Haverfordwest is further proof of the confidence of businesses in the future of the County Town.
 
That was the message from Pembrokeshire County Council Deputy Leader Cllr Paul Miller to news that the leading optometry company will move to larger premises at the Riverside Shopping Centre.
 
Specsavers has signed a lease with the Council to expand into the building previously occupied by Boots and Poundland.

The additional space will allow for 14 examination rooms fitted with state-of-the-art technology that will enable Specsavers to provide more enhanced sight, contact lens and audiology services for its customers.
 
Cllr Miller, who is also the Council’s Cabinet Member for Place, the Region and Climate Change, said: “I’m really pleased that we’ve been able to support Specsavers in expanding and investing significantly in Haverfordwest.
 
“This shows confidence in both the present and future of Haverfordwest which is undergoing major regeneration by Pembrokeshire County Council.
 
“Through taking control of the Riverside Shopping Centre we have been able to secure investment and tenancies in the town while also recovering the Council’s investment to purchase the site.
 
“Alongside the great news that leading food and drink company Loungers is moving into our Western Quayside development, I am confident further businesses will be drawn to the town centre.
 
“The work we’re doing will ensure Haverfordwest is an attractive place for businesses to operate and a great place for people to live, work and visit.”
 
Andy Britton, one of the partners of the locally owned store, said: “We are so pleased to be making the move into larger premises. The additional space will allow us to better accommodate the increasing demand for eye tests and audiology clinics in the area and help take some of the pressure off the NHS.

“The new store will open later this year and we look forward to celebrating its launch with customers old and new.”

Pictured top of article: Cllr Paul Miller, Deputy Leader of Pembrokeshire County Council (centre) with Andy Britton (left) and fellow partner Wayne Jones at the Riverside store which will be home to an expanded Specsavers.

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Former Cleddau Bridge Hotel site up for sale for £1.2m

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A FORMER hotel site in Pembrokeshire is now on the market, having received planning permission for a new care home. The site, previously home to the Cleddau Bridge Hotel, is listed for sale at £1,200,000.

The Essex Road location, which spans 2.45 acres, has been granted outline planning permission for the construction of a care facility accommodating between 55 and 70 beds, as well as six retirement bungalows. This significant development is set within Pembroke Dock, lying just 120 metres from the A477, and is encompassed by the Pembrokeshire Coast National Park. The area boasts convenient access to amenities such as a shopping centre, restaurants, cafés, hotels, a pharmacy, sports clubs, and recreation grounds.

The fire was in March 2019 (Pic Herald)

Planning consent for this project was conditionally approved by Pembrokeshire County Council in February 2023. The approval was given for the “Demolition of Hotel and Siting of Residential Care Home and Linked Bungalows,” marking a new chapter for the site that has remained derelict since a fire in 2019.

The Cleddau Bridge Hotel has been out of operation since March 2019, when a blaze caused extensive structural damage, leading to the collapse of several sections of the building. This incident thwarted earlier plans to convert the hotel into a 48-bedroom care home, a project that had been green-lit following a change of use application in 2018.

Due to the damage incurred, a new application was submitted for the demolition of the existing structure and the erection of a new care home. The planning proposal also included provisions for the six retirement bungalows, intended to be occupied by elderly residents who could assist with activities at the care home.

The fire that devastated the former hotel required a substantial emergency response, however, an investigation by Dyfed-Powys Police concluded there was insufficient evidence to identify a suspect.

This site is now poised for a new beginning as a care facility, providing much-needed services to the local community. Interested parties can find more information about this listing, handled by Christie and Co, on Rightmove.

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