The next stage of a significant housing scheme in a Carmarthenshire town is moving forward, backed by a substantial seven-figure investment. The Development Bank of Wales has provided a £6 million loan to support the completion of the second phase at Priory Field in St Clears.
Funding and Construction Details
The finance has been drawn from the bank's Wales Residential Property Fund and awarded to Solitaire, the joint venture overseeing the Priory Field project. On-site construction is being managed by local housebuilder Obsidian Homes, a company that now directly employs 40 people from the surrounding area.
This latest phase, situated to the west of the town's High Street, will add 29 new properties to the community. It follows the successful first phase, which saw all 23 homes completed and sold in early 2024, a project also financed by the Development Bank of Wales.
Local Commitment and Economic Impact
For Obsidian Homes, this development marks another step in the firm's expansion. Huw Morgan, a co-director of the company, highlighted the personal and local significance of the work. "I grew up just a stone’s throw from our first development, and delivering high-quality homes on our doorstep means a lot to us," he said.
Morgan added that feedback from residents in the already-completed units has been overwhelmingly positive. Fellow director Paul Rees emphasised the project's role in sustaining local employment, noting that almost all of their directly employed groundworkers, plumbers, carpenters and bricklayers live within a 10 to 15-mile radius of the site.
Bank Support for Sustainable Growth
Karl Jones and Rob Good, Property Development Executives at the Development Bank of Wales, commented on the decision to provide a second round of funding. They described it as an "excellent opportunity" to support a respected West Wales developer in delivering much-needed homes within an established community.
Demand in St Clears remains strong, and the bank officials praised the development for providing high-quality, energy-efficient homes. They also highlighted the clear benefits to the regional economy, citing Obsidian's strong local supply chain, commitment to sustainable construction, and proven track record.
The Development Bank of Wales offers property development finance from £150,000 to £10 million through various funds, including its dedicated residential and commercial property funds.
