Commercial refinancing agreed for Hampshire nursery

Originally constructed and operated as a public house, this property was converted to a day nursery by Condo Properties Limited, part of the Cavendish & Gloucester Group, in October 2025.

In the heart of Holybourne in Alton, East Hampshire, the property opened in December 2025 and is now occupied by First Friends Day Nursery. The accommodation has been finished to an excellent standard and includes a large play area and car parking.

First Friends is a very successful day nursery operator, has six day nurseries in the area and is looking to expand in the future.

Re-purposing underutilised properties

Principality Building Society agreed commercial re-financing terms with Condo Properties Limited following completion of the development of the property.

James Murphy, Chief Executive Officer, Cavendish and Gloucester Grp, said

“We are delighted to have transformed a former public house into a high quality day nursery, securing a long term future for the property and providing a valuable service to the local community.

The Queens Head is a great example of our strategy of acquiring underutilised properties and repurposing them into long term income producing investments. We are grateful to Gareth and the team at Principality for their continued support.”

Gareth Redding, Senior Portfolio Manager, said:

“Principality and Cavendish & Gloucester have had a strong relationship for a number of years and we are delighted to have provided commercial investment funding to the group for this venture.

It is fantastic to work with the C&G directors, who are keen to regenerate vacant properties to respond to market demand and make a positive impact on the local community.  We are proud to play our part in this.”