Medra Cyfyngedig will reinvest its profits in social housing provider Adra Group.
The money will go towards supporting Adra’s mission to build affordable housing.
Citing a growing demand for residential properties, Adra Group chair Hywel Eifion Jones said that the company was “well placed to provide even more new homes and services for those who need it.
“But there will inevitably be pressures on current funding structures to build more affordable housing,” Jones continued. “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 first scheme is building 18 homes at Adra’s Penyffridd site in Bangor. Adra secured planning permission for 30 homes on the site in April. In addition to the 18 open-market homes from Medra, Adra will deliver 12 affordable houses.
“It’s truly exciting to launch our first scheme,” said Medra chairman Will Nixon.
“As a company, Medra’s values are strongly rooted in the communities we work in across North Wales,” he continued. “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.”
Conwy-based Beech Developments will build the homes for Medra.
Work is expected to begin in early 2022.
“We are delighted to be appointed by Medra as development partner for their first new housing scheme, Cae Ffynnon, in Bangor,” said Beech’s construction managing director Matthew Gilmartin.
“Our tried and tested approach to building and selling sustainable new homes in North Wales has been proven for over 25 years,” Gilmartin continued. “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.”