A growing property developer has successfully completed its first new build residential development in the heart of Merthyr Tydfil, thanks to a £1.2 million loan from the Development Bank of Wales.
Bishop Bayliss Developments spotted an opportunity to build four new homes on Grove Park, Maesnynant, in 2023. Infrastructure work had already been carried out on site by an earlier owner, with Bishop Bayliss keen to use the project to complete their first set of new-build homes, having previously focused on refurbishing or renovating existing properties.
They approached the Development Bank of Wales to part-fund purchase of the plots and fully fund construction of the new homes with a loan from the Wales Property Fund. All four of the new properties have already sold off-plan, with the loan fully repaid.
Adam Meah, Commercial Director at Bishop Bayliss Developments, said:
“We were keen to work on a new build, but it was difficult for us to find a lender that would support us.
“The Development Bank of Wales bought into us and could see our vision for the site, and they really got us off the ground; we don’t know where we’d be without them.”
James Brennan, Property Development Executive at the Development Bank, said:
“The developers have put high quality new housing on a site in need of development in a popular residential area, which has been demonstrated by the strong level of demand for the properties.
“We’re glad that our support meant that Bishop Bayliss Developments were able to quickly purchase and start work on the site, backed by our investment via the Wales Property Fund, which exists precisely in order to jump-start developments like that at Maesynant.”
Monitoring services for the Development Bank were provided by RPA Quantity Surveyors.
Paul Griffiths at RPA Quantity Surveyors said:
“Despite this development being Bishop Bayliss’ first new build, they approached the scheme with a high level of maturity. They were willing to listen to advice and challenge in equal measures.
“This approach, coupled with the Development Banks’ willingness to seek solutions rather than create further hurdles for the Borrower, created a close-knit relationship between all parties. I look forward to working with both Development Bank and Bishop Bayliss on future projects.”
