New local company to build new homes for sale with profits reinvested for social purpose
We at Adra have launched a new development company to build new homes for sale on the open market across north Wales.
The new company called Medra Cyfyngedig has been formed to address the high demand for quality homes to buy locally.
Profits from the sale of Medra’s homes will be reinvested into Adra to fund its core services to provide further social and affordable housing in north Wales.
The first scheme for Medra will be on Bangor’s Penyffridd site, where a mix of 18 two- and three-bedroom homes will be built for sale on the open market.
There will also be 12 affordable houses for social and intermediate rent on the site, provided by Adra, to meet local housing need.
Adra Group chair Hywel Eifion Jones said: “This is a new venture for Adra and we chose to set up Medra as a subsidiary company to build new homes for sale on the open market. The profits generated by Medra will be reinvested back into Adra, supporting social and affordable housing to meet local demand.
“Adra’s growth since 2016 has resulted in the development of over 500 new homes across a range of tenures, providing much-needed social and affordable homes for local people. The demand is growing, and we are well placed to provide even more new homes and services for those who need it” he added
“But there will inevitably be pressures on current funding structures to build more affordable housing, so we need to be well prepared and robust enough to seek other income streams to support our ambitious programme to build new social and affordable homes to meet local demand.
Medra’s Chairman, Will Nixon, said: “It’s truly exciting to launch our first scheme. As a company, Medra’s values are strongly rooted in the communities we work in across North Wales. Our commitment is to build quality homes for sale on the open market to meet local demand and to generate local employment opportunities. We are delighted to be working with a local contractor and suppliers to benefit the local economy at our first development at the Penyffridd site in Bangor.
North Wales contractors Beech Developments have been appointed to build the new homes at the Penyffridd site for Medra.
Matthew Gilmartin, Beech Construction’s Managing Director said:
“We are delighted to be appointed by Medra as development partner for their first new housing scheme, Cae Ffynnon, in Bangor. Our tried and tested approach to building and selling sustainable new homes in North Wales has been proven for over 25 years. Medra’s first scheme will deliver significant community benefits not only for local housing need but also contributing to and supporting local employment and the wider economy. We look forward to starting works early in the New Year.”
For further information please contact Elin Rowlands at Adra Group’s press office on 01248 677183 or email elin.rowlands@adra.co.uk and follow Medra on www.taimedrahomes.co.uk and on socials @taimedrahomes