Principality supports Bridgend property developer with £3m funding package

HOUSEBUILDER Waterstone Homes has secured a seven-figure funding package from Principality building society in support of its latest housing projects and ambitious growth plans.

The Bridgend-based property developer, part of the Jehu Group, has received £3.35m from Principality Commercial to assist with the construction of its new Usk Field development in Llanishen, North Cardiff.

Already taking reservations off plan, the new residential development will consist of 20 luxury family homes, with three-, four- and five-bedrooms priced £500,000-£730,000, plus five affordable houses.

Waterstone was able to secure the loan following previous developments with Principality Commercial which have helped the firm achieve record growth in recent years, doubling its headcount and increasing its turnover to more than £20m.

In the past 12 months, the business has sold out three multi-millionpound developments, with property sales up from £15m to £19m. It is now on track to see its turnover grow even more in the next year, thanks to the support of Principality.

The firm’s finance director Andrew Lycett said: “Waterstone Homes has had an exceptional year of growth, with turnover, profits and the number of homes built all having increased significantly. We have ambitious plans to continue this upward trend and grow the business further, which will of course, require financial support.

“It is great to work with Principality again on our latest development and to know that they recognise our strengths and potential. We are very thankful for the funding and look forward to continuing to grow the business with their support.”

Gareth Redding, senior portfolio manager at Principality Commercial, said: “This is an exciting development for Principality working alongside Waterstone Homes. As well as funding luxury homes for families in the area, we’re equally as passionate about the affordable homes market, a key element of this development.”

Despite construction not due to be completed until December 2019, over 50% of the properties at Usk Field have already been reserved off plan.