Welsh bank steps in with £11.7m loan to boost Connah’s Quay housing plan

In total, £14m has been injected into Edwards Homes’ 141-property development, with Lloyds-backed Housing Growth Partnership providing £2.7m of equity.

The Development Bank of Wales’ £11.7m contribution to the Connah’s Quay scheme came via Wales Stalled Sites Fund – set up in 2016 – and is the bank’s largest investment to date.

Edwards development features 141 two-, three- and four-bed homes for sale, including 49 affordable homes that will be sold to North Wales Housing Association.

Plans were approved in June 2023. Buy in from the Development Bank of Wales and HGP means the scheme can now go ahead.

Neil Edwards, managing director at Edwards Homes, said: “Edwards Homes is pleased to be partnering with Housing Growth Partnership for the first time.

“We are also delighted to be collaborating with Development Bank of Wales again, with whom we have worked on previous projects.

Edwards added: “We believe that we are one the first developers that Housing Growth Partnership have collaborated with in Wales and we look forward to bringing this scheme forward together.

“With further schemes in the pipeline we are looking to grow our partnership with Housing Growth Partnership and Development Bank of Wales further in the future by providing much needed homes and affordable housing.”

John McKeon, investment director at HGP, commented: “This transaction continues our strong investment levels in 2024, reflecting the important role that HGP equity funding can play in bringing forward new schemes and the regeneration of communities across the UK.  We look forward to seeing Edwards Homes bring forward the delivery of much needed private and affordable housing in the region and also partnering with them on further schemes in their pipeline.”

Claire Sedgwick, deputy fund manager at the Development Bank of Wales, said: “We are very pleased to support Edwards Homes and Housing Growth Partnership with this development, which will help provide much-needed residential homes in Flintshire.

“Our property funds are here to support independent developers in making a big impact in Wales, and can work with them at any stage of development. In the last five years, we’ve invested £212m in the property development sector in Wales, helping to build new homes and commercial premises across Wales.

“It made perfect sense for us to join the Housing Growth Partnership in supporting development on this important project, with investment led by our team based in north Wales and we look forward to its successful completion.”