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.
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.
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."