Principality Building Society, Wales’ leading and the UK’s sixth largest building society, has announced a new funding agreement with Cardiff-based property developer Urban Centric.
The funding will support Traders Yard, a new development of 182 co-living apartments in Cardiff city centre.
Located alongside the River Taff, the development sits in the heart of Cardiff’s major regeneration area, neighbouring Central Quay, finance quarter Callaghan Square and Cardiff Central train station.
With full planning permission now in place, Principality’s commercial business has agreed just under £28m in funding to support Urban Centric’s latest residential project.
Urban Centric has more than 20 years’ experience creating mixed-use developments and is focused on delivering high-quality, modern living spaces for those looking to rent contemporary homes in the heart of city life.
The project will help bring much needed, high-quality and competitively priced rental accommodation to the local market, supporting Principality’s commitment to building homes within local communities.
Chad Griffiths, Senior Portfolio Manager at Principality Building Society, said:
“We’re delighted to be supporting local property developers Urban Centric with a development of much needed rental homes in the centre of our capital city. We’ve known Urban Centric for a long time and been impressed with their delivery of a number of similar sized projects. Supporting larger development funding projects, like Traders Yard, aligns with our growth strategy for Principality Commercial.”
Andrew Woods, Managing Director at Urban Centric, said:
“Our relationship with Principality spans nearly two decades, and we’re delighted to be working with them again on Traders Yard. Not only do Principality provide an excellent service, we thoroughly enjoy working with the whole team. Their understanding of our business, and of the Cardiff market, has been invaluable in getting this project off the ground. Traders Yard is our most ambitious co-living scheme to date, and having a trusted local lender alongside us gives us real confidence as we deliver high-quality rental homes in the heart of the city.”
Traders Yard will be split into two blocks. A smaller five-storey block of 40 apartments is due to complete in 2027, with the remaining 13-storey block of 142 apartments expected to complete in 2028.
The development will include a communal plaza, commercial floorspace, balconies, roof gardens and cycle storage. Residents will also have access to significant shared amenity space, including a gym, dining room, co-working areas, lounges, games rooms, a cinema room and wellness areas.
