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
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
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
“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.