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01/07/2014

Landmark Newport building gets new lease of life thanks to investment

A £1.1 million property development loan from Finance Wales helped a well-known local property developer in South Wales renovate a 112 year old Edwardian building into 18 luxury residential apartments.

Highly experienced property developer, Jahan Abedi used Finance Wales’ loan to complete the prestigious Shire Hall redevelopment in Newport’s city centre.

The development of the property has been a boost for the local economy with all work undertaken by Welsh contractors creating 16 construction jobs on site and subsequent maintenance, janitorial and security contracts to be fulfilled.

The apartments have proved extremely popular with buyers since the building opened for early bird viewings in December 2013 and currently only four remain for sale.

Built in 1902 Shire Hall was a civic building which served as the county hall until 1978. Gaining Grade II listed status in 1998 it remained empty until 2012 before Mr Abedi approached the local council with plans for its renovation.

A successful South Wales property developer and businessman Mr Abedi owns a large portfolio across Cardiff and Newport. He approached Finance Wales for capital for the redevelopment after being recommended by his bank Santander. 

“Finance Wales backing was key in delivering the build. They saw Shire Hall’s potential and provided a flexible loan that worked with the stages of the project.

“The result is a beautifully restored landmark building in the centre of Newport which enhances the local area and offers unique luxury accommodation to buyers.

“Thanks to the project’s success the remaining sale proceeds from the apartments can now be reinvested into other development work currently in the pipeline which will provide more opportunities for local suppliers. I look forward to working with Finance Wales again on potential future projects” said Mr Abedi.

Structuring the deal from the Wales Property Development Fund was Finance Wales Investment Executive, Cenydd Rowlands. He said:

“It is extremely encouraging to see Welsh construction schemes like Shire Hall benefit from the backing the Wales Property Development Fund can offer small-scale commercial and residential property developers.

“Mr Abedi has an impressive track record in property development in South Wales spanning over 20 years. Thanks to a loan from Finance Wales he has transformed an empty grade II listed building into 18 highly desirable residential properties, with the majority already sold after just three months of being on the market.

“Shire Hall’s renovation has been well received by the local residents and it has had a positive impact on the area through the jobs and work it has created.”

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.