Iconic Barry building redeveloped with short-term loans from Finance Wales
An iconic former pumping station at the heart of one of Wales’
largest regeneration projects has been redeveloped with the backing
of short-term loans totalling £900,000 from Finance Wales.
Award-winning local developer, Simon Baston converted the
building into a sustainable, mixed-use development of 15 high-spec
live/work apartments and 12,000 sq. ft. of A3 commercial units,
known as the Pumphouse.
A £400,000 loan from the Welsh Government’s Wales Capital Growth
Fund in November 2014 funded the purchase of the building and
initial site preparation costs.
Having repaid this short-term loan in just over 3 months,
Finance Wales then provided Simon with a further loan of £500,000
in March 2015 enabling him to secure the additional funding he
needed to complete the £1.8 million project. Both loans have now
been fully repaid.
115 construction and other jobs were created by the prestigious
redevelopment project and all materials were supplied by local
suppliers including Robert Price, and Fenestration.
“The Pumphouse is a prominent building in Barry docks as well as
one of the area’s few remaining industrial buildings. It now
has a new lease of life following our sympathetic redevelopment and
is once again set to play an important role in the area, this time
as the commercial centre of Barry Waterfront.
“We’ve made our name undertaking complex redevelopment projects
in regeneration areas and this is an important project for
us. Finance Wales backed us at key stages of the project and
their loans were pivotal in enabling us to secure the total funding
package we needed to complete the development successfully,” Simon
Having redeveloped the flats above Windsor Arcade and Albert
Road Methodist Church in Penarth as well as Swansea’s J Shed, Simon
has a reputation for completing high-quality, small-scale
With Barry Waterfront undergoing a multi-million-pound
regeneration, the Pumphouse is his largest development to date.
Senior Investment Executive, Cenydd Rowlands structured the
funding package for Simon. Commenting on the success of
Simon’s latest project, he said: “Simon has been breathing new life
into old buildings throughout South Wales for many years and the
Pumphouse is another significant and bold project for him.
He’s a respected local developer who’s built up a multi-skilled
team of local craftsmen as well as a reliable local supply chain,
boosting the Welsh economy.
“Finance Wales’ bespoke funding package kick-started the Pumphouse
project and enabled Simon to secure the additional funding he
needed. We carefully structured the package to smooth any
cash-flow issues that could potentially delay the project and incur
The £20 million Wales Capital Growth Fund provides Welsh
businesses with the short-term finance they need to fund key
“We specialise in complex, often challenging, redevelopment
projects like the Pumphouse. Cenydd at Finance Wales took
time to understand our funding requirements and how we operate to
come up with a flexible package that allowed us to complete the
project and gave us the confidence to plan for future projects.
"The Pumphouse has been a great success. All 15 live/work
apartments and 3 of the 4 commercial units have already been
snapped up. A Speedy gym and Academy Coffee house are both opening
soon. We’re now redeveloping another prominent and important
waterfront building in a regeneration area - the Jennings Building
in Porthcawl,” Simon added.