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Welsh housing association to invest £198m building 1,200 new homes
A housing association based in North Wales has committed to investing £198m with partners to build more than 1,200 new homes across the region.
Adra, which currently owns 6,300 homes across North Wales, will look to develop the homes, which will be for a mix of tenures, over a five-year period.
Properties for market sale will be delivered as part of the programme via Adra’s development subsidiary Medra, with profits being reinvested back into the Adra Group.
Adra will apply for grant funding from the Welsh government as part of the programme. The Welsh government currently has a target to deliver 20,000 affordable homes by 2021.
The new development strategy includes a commitment to support the Welsh language and provide affordable homes for local people priced out of the market.
A focus will also be placed on developing a strong local supply chain in a bid to support local SMEs and generate expenditure locally.
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Iwan Trefor Jones, deputy chief executive of Adra, said that the organisation is looking to “collaborate further with the private and public sector to deliver partnership opportunities, using innovative approaches to development funding as well as joint ventures”.
Adra was created in 2010 following a stock transfer from Gwynedd Council. Since then, the housing association has invested over £150m upgrading its current stock and building over 220 new homes.
Mr Jones added: “We are proud of the development programme which enables Adra to take the lead working with our wide range of partners to deliver new affordable homes.
“We are taking a proactive and positive approach to supporting rural and urban communities, where there’s a huge demand and desperate need for local affordable homes.
“It is of massive concern to us that an average of 60% of households in Gwynedd for example are priced out of the housing market. Our new development programme aims to ensure that new affordable housing will be available for young, local people and families.”
Craig ab Iago, cabinet member for housing at Gwynedd Council, said: “The lack of housing options for local people is one of the main challenges in Gwynedd today and I hope that Adra’s growth will make a difference. I’m eager to see many of these houses built in Gwynedd to create a sustainable future for our communities and to respond to the major housing need for local people as well as providing opportunities and jobs locally.
“It’s essential that Gwynedd Council and Adra work in a close partnership to ensure fairness to local people and I look forward to continuing with this partnership. I see value in developing and building these houses, but also welcome Adra’s commitment and priority to their current tenants in Gwynedd; I am confident that this will continue.”
Lynn Rowlands, Adra board member and tenant, said: “It is great news for residents that Adra is continuing to invest in our communities across North Wales, taking the lead to support sustainable growth which will benefit our existing and new customers. This development programme will in turn enable Adra to generate further income to support our social objectives to fund new affordable homes.”
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