James Douglas Sales and Lettings win tender
James Douglas Sales and Lettings and its partner company Seraph property management have secured management of 152 brand new apartments consisting of both social and private rented accommodation.
The project is being hailed as a Welsh trailblazer for a new way of funding affordable housing.
The new finance model has been developed by regeneration specialist BPL and is being applied in Wales by Porthcwlis, a development company owned by Welsh housing association Trivalls.
The initial project has attracted £19m of backing from M&G, one of the UK’s biggest investment firms, and will deliver 132 affordable and social rent properties across three sites without grant funding.
It is common for private developers to be obliged to provide affordable housing as part of modern developments. But housing associations and local authorities often require significant public subsidy for affordable housing projects.
In recent years, due to cuts, this has meant a drastic slow-down in the delivery of affordable housing. It is now hoped that with the creation of this new framework Wales can start to reverse this trend.
There will be 52 homes available over two sites to the private rented sector and James Douglas Sales and Lettings have been instructed exclusively to market these properties.
Aimed completion date for the two sites are the 1 st of October and will consist of 1 to 2 bedroom apartments and Three bedroom town houses with rents ranging from £625pcm – £900pcm.
If your interested in being the first to move in to this new development, please register your interest.