Developer shrugs off credit crunch with new waterside project
THE credit crunch appears to hold few fears for developers when it comes to building at Llanelli's most desirable quarter.
Charles Church has unveiled plans for a new flagship development of 205 apartments and houses at Machynys.
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Existing homes at the Pentre Nicklaus Development
The announcement comes at a time of global financial uncertainty and follows in the wake of UK house builders such as Redrow announcing a huge fall in profits.
The site, to be known as Machynys West, has been acquired from Carmarthenshire Council and the Assembly. It was chosen to take advantage of the panoramic sea views.
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The news comes as a boost to the town and will serve to lift the profile of an area that already boasts up-market housing and a Jack Nicklaus golf course.
Assembly deputy minister for regeneration Leighton Andrews said the development, which would include a percentage of affordable homes, was a boost for the wider regeneration of Llanelli waterside.
He said: "This development sends out a very positive message about the region and the investment opportunities on offer.
"Subject to detailed planning permission, Charles Church will go ahead and develop the site, as they are confident these homes will sell because the location is outstanding."
In more good news for the area, Mr Andrews said profits from the sale of the land would be ploughed back into the area.
He said: "Receipts from the sale of the land will enable the joint venture between the Assembly and Carmarthenshire Council to drive forward the regeneration of Llanelli waterside, invest in a number of infrastructure projects and address foul water and surface water drainage issues."
A spokeswoman for Charles Church Wales said: "We feel that, despite the current climate, properties both new and secondhand are selling in the locality.
"Machynys West is a flagship development for us and we are very proud of its design, layout credentials, location and highly desirable waterfront views.
"The homes will benefit from unrivalled vistas across Carmarthen Bay and the Gower Peninsula, allowing residents to enjoy a superior waterside setting that is the epitome of luxury living. For these reasons we are positive that the development will prove very successful."
Comments
by B Morris, ex cowbridge
Thursday, September 11 2008, 12:58PM
“Fools build houses for wise men to live in. Go ahead build, and some lucky people can benefit in the years to come from living in a home, not an investment”
by Bob, Uplands
Thursday, September 11 2008, 12:11PM
“We all know what happens to well-intentioned plans Greg and I hear your point. The problem is that last Sunday the US Government had to step in to bail out Fannie and Freddie because they were within hours of going bust. That, so the economists say, would have brought complete global financial meltdown within 2 weeks and led to tens of millions of people around the globe being made unemployed overnight in a 1929 style Depression because banks and companies would have gone bust in their thousands. You may well ask what all this has to do with a development of houses in Llanelli and the answer is simple - silly loans on vastly over-priced houses basically brought the World financial system to the brink of complete collapse. The banks aren't going to be lending silly amounts of money on houses in the future, house prices are about to fall dramatically in price - the Nationwide now says by at least 25% - and it now appears that the much talked about shortage of housing is not actually a shortage at all as all the major house builders have hundreds of millions of pounds of unsold housing stock on their hands. If today I have a choice of property to buy in Machynys then what hope for anything yet to be built? Unless, of course, the World's top economists are right and that 50% falls in house prices across the UK is coming in the next 2 - 3 years. Then, I guess, there will be no shortage of people wanting to buy in Machynys and elsewhere.”
by Greg Jenkins, ex swansea
Thursday, September 11 2008, 10:12AM
“Hi Bob,
I work with developers (not these ones) and I would suggest that they would probbably be looking at phasing the development and timing the build out to coincide with an expected upturn in the market. That being the case if the timing is good then the development could be a huge success. If the timing is bad...”
by Bob, Uplands
Thursday, September 11 2008, 8:54AM
“Judging by all the newly built properties on the market already at Machynys, and which have been for sale for quite some time now with obviously little or no interest, one has to seriously question whether the demand for additional housing in the area actually exists? If I wished to buy a house or flat in the area today I would have no shortage of choice so why build more properties merely to stand empty?”