Rob Slocombe/Glyn Mabey (L/R) founder Directors of St James Parade.

ST JAMES PARADE LAUNCHES WITH £25M ‘WAR CHEST’

A new house building company backed by £25m of development funding has been launched in Cardiff this week by two of South Wales’s leading housing industry professionals.

St James Parade, based at Cardiff Gate Business Park, has been created by Glyn Mabey and Rob Slocombe, who were until recently both high-profile Regional Managing Directors with national house builder Redrow Plc.

The pair have amassed 40 years’ combined experienced in the industry, Glyn Mabey having most recently been Managing Director (South Wales) for Redrow (South Wales) Ltd and Rob Slocombe having been Managing Director Redrow Homes (South West) Ltd.

St James Parade (www.stjamesparade.co.uk) has been created with the intention of building 150 homes a year over its first phase of growth, in a region stretching from Carmarthenshire to Wiltshire, on sites holding anything from a dozen to more than 100 units.

Mr Slocombe said, “Many might see our decision to leave such an established name as a brave move.

“We believe, however, we can harness the massive experience we have built-up in this industry to ensure St James Parade becomes a significant regional house builder within a few years.

“There continues to be a huge thirst for new-build homes and we have identified an opening for a new company that sits slightly under the national builders, combining their best qualities with an emphasis on added value, quality, flexibility and the personal touch that a non-volume driven private developer can offer.

“We are very passionate about this business; we want to translate our enthusiasm into a housing product to match.”

Mr Mabey said St James Parade would now be working closely with land and property industry contacts to secure sites.

“We have already secured a number of sites and are in negotiation on several more. We envisage having at least half a dozen sites under our belt by the beginning of 2008, a figure that we will maintain and possibly expand as new sites are secured,” he added.

St James Parade will provide the entire spread of private development, from starter homes to executive houses. The company will also undertake ‘mixed use’ developments which combine residential with an element of commercial/retail uses.

The first areas to see developments by St James Parade will include Merthyr, where a number of commercial and leisure developments are driving the need for new housing stock, Swansea and South East Wales.

The company is being supported by significant senior bank debt from Allied Irish Bank. Legal advice has been provided by Clarke Willmott and M&A Solicitors and business and financial support by Broomfield Alexander.

Mr Slocombe added, “This is obviously very exciting for us and will most certainly result in some rewarding and successful schemes. Initially, we will concentrate on South Wales and the South West, but there is no reason why will not be able to extend much further in future years.”

Aged 41, Glyn Mabey joined Redrow in June, 2000, as Managing Director for the South Wales region, having previously been Managing Director at house builder Swan Hill and Regional Director for Beazer Homes in Bristol.

Aged 40, Rob Slocombe joined Redrow in September, 1998 where he held positions as Sales and Marketing Director and Operations Director prior to becoming Managing Director of the South West region based in Almondsbury, Bristol. He was previously with national house builder Barratt Homes.