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23/04/2014

North Wales property developer builds on reputation thanks to Finance Wales loan

A £500,000 loan from the Wales Property Development Fund is helping an award-winning family run property developer construct three new terraced properties in Caerwys, North Wales.

Established in 2003, Harris Homes Ltd has won awards for its conservation and re-design work and most recently completed an impressive 17-property development at Lleweni Hall. 

Experienced husband and wife team, Davin and Sally Harris who run the company acquired the site in the centre of Caerwys in 2008. However development of the site was put on hold until the economic climate improved.

The couple revisited their plans for the site in 2012 and have now renovated an existing building on site, enhanced their planning permission and cleared the remainder of the site in readiness for further development.

With the ground floor of the newly renovated building sold for commercial use the couple are now investing £100,000 of their own capital alongside the £500,000 loan from Finance Wales in the next phase of the project.

The next phase of the development will initially see Harris Homes construct three new, terraced properties on the site.  Further development is planned, once these properties have been sold.

Harris Homes’ Director, Sally Harris explained how the project has gathered pace over the last year:

“As property developers we take great satisfaction in bringing old buildings back to life or creating new beautiful homes that enhance their surroundings. We were very excited when we acquired the Caerwys site back in 2008, but the economic climate wasn’t right for us to begin developing it. The site is in a fantastic location and the redevelopment of the existing run-down building has already brought new life to that part of town.”

“We were able to get momentum going again last year with the initial redevelopment work but we knew we would need further financial backing to complete the whole project. The loan from  Finance Wales has provided us with the injection of capital we needed and we can now realise the site’s full potential.”

Finance Wales Investment Executive, Rhodri Evans structured the deal.  He said:

“Having delivered several highly successful restoration projects locally and some on a much bigger scale than this one,  Harris Homes has a proven track record in its field.  They have some exciting plans for the site and I’m pleased to see that all three plots in this phase have already been reserved.

“With Finance Wales’ backing Harris Homes is now in an excellent position to complete the whole development. They’ve already provided a boost to the local economy as they’ve employed local craftsmen and suppliers on the site.”

Harris Homes’ developments have a reputation for quality, attention to detail and use of natural materials.  Over the years the company has built up a strong network of trusted local craftsmen and suppliers. Finance Wales manages the Wales Property Development Fund for the Welsh Government. The £10 million fund offers loans of between £250,000 and £1 million for construction companies developing small-scale, non-speculative commercial and residential property in Wales.