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
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
“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
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
“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.