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New Retail and Residential Development Receives Funding From Principality

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A mixed use development coming to Cardiff has received financial backing from Principality Commercial.

Developed by property company Portabella, Laundry Quarter, a former laundry mill site will bring 34 houses and apartments to the Pontcanna area. Nine retail spaces are also being developed, to provide opportunities for independent businesses to trade.

Principality has provided £7m in funding for the first phase of the development, comprising of 13 houses and apartments. The development includes four and five bed homes, finished to a modern standard as well as one and two bed apartments with prices starting from £270,000. The first phase of the development is expected to complete in early 2022, with 70% of the properties reserved to date.

As the commercial lending arm of Wales’ largest building society, Principality Commercial provides investment and development funding for residential and commercial properties in Wales and England.

Chad Griffiths, Senior Relationship Manager, Principality Commercial said:

‘’We are pleased to be supporting our long-term customer Portabella on a development which will provide 34 homes finished to a high standard in the sought after area of Pontcanna, as well as bringing more opportunities for independent businesses. The mixture of retail and residential buildings will make for a real community feel for residents.’’

Peter Reilly, Commercial Director, Portabella said:

‘’We are delighted to be working with Principality Commercial on another exciting development. With a successful track record of Principality-funded developments, the team quickly came on board to support our vision and we are delighted to be partnering again to deliver a new neighbourhood quarter of places to live, eat, shop and meet.”