A new development of apartments is to be built at the International Sports Village in Cardiff Bay, Wales.

The new framework has been developed by regeneration specialist Bellerophon BPL and can be accessed in Wales via Porthcwlis, a development company owned by Welsh housing association RCT Homes.

M&G Real Estate has invested £19m in the initial project.

The project will provide a total of 189 properties across three sites, 132 of which will be available at affordable rents and social rents without grant funding.

Under the Porthcwlis framework, the land at the International Sports Village was gifted to Porthcwlis free of charge by the private company Figurehead Homes Limited and, instead of taking short-term profits immediately, the partners agreed to take an equity stake in a long-term joint venture.

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The project will deliver 95 new affordable homes at Cardiff Bay, the majority of which will be available at eighty per cent of Local Housing Allowance rates. This means that tenants will be able to live in a typical two-bedroom apartment at rent levels more than £250 per month cheaper than market rents in the area.

"Establishing a pioneering funding and delivery model has taken two years of hard work from Porthcwlis and Bellerophon BPL," said Andrew Lycett, RCT Homes Chief Executive. "By using this funding model, we have been able to achieve our original aspirations to build affordable homes without public subsidy.

"The model has enabled us to find a way to deliver affordable housing that works for us all. It is a consensual model. While Porthcwlis retains management control of the properties, we will all share in the growth of the value of the equity," he added.

(CD)