Tirion Homes secures largest ever investment from Development Bank of Wales for low-carbon scheme
Summary
Cardiff-based property developer, Tirion Homes, has secured the largest ever investment from the Development Bank of Wales.Tirion has received \xa317.5million from the Development Bank alongside \xa37million from the Welsh Government to fund the building of 114 new homes in Tonyrefail in Rhondda Cynon Taf, South Wales.The scheme, named Parc Eirin, is a low-carbon, mixed-tenure development, and work is already underway with contractor, Morganstone, expecting to complete the build by the end of 2027.The 114 homes have been designed to achieve EPC A-ratings and will include energy-efficient features such as ground source heat pumps, solar panels and communal battery storage. The scheme will comprise 81 two and three-bedroom homes alongside 33 one-bedroom flats which will be available through private sale and rent and social rentals.The \xa317.5million investment is provided through the Development Banks Wales Property Fund and Wales Stalled Sites Fund, while the additional \xa37million in grant funding from the Welsh Government includes \xa33.6million from the Low Carbon Fund and \xa33.9million from the Modern Methods of Construction Fund.Jayne Bryant, cabinet secretary for housing and local government, said: The Welsh Government is committed to increasing the supply of affordable and good quality housing throughout Wales. We have a target to deliver 20,000 low-carbon homes for rent in the social sector by 2026.Not only do sites like Parc Erin support the delivery of sustainable and energy-efficient homes, but they also create employment opportunities and help boost local economies. This is exactly the type of investment that can deliver social and economic value to families and individuals across Wales.David Ward, chief executive for Tirion Homes, added: We are proud to be part of this landmark investment from the Development Bank of Wales and Welsh Government so that we can continue to support the governments aim to deliver 20,000 affordable, low-carbon quality homes by the end of this Senedd term. These partnerships are essential to our ability to accelerate the delivery of major regeneration projects across Wales.We are delighted to be working with Morganstone to deliver Parc Eirin, which will be an opportunity to not only provide affordable homes but also homes for sale.
Funding
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