Principality agrees their biggest funding deal with Luxgrove

At nearly £42 million, Principality Building Society has agreed its largest development funding deal to date, supporting Luxgrove’s latest project on Broadway in Ealing.

The funding agreement assists with the  purchase and development of two accommodation blocks which will house over 200 units, high quality internal and external communal spaces with a mixture of retail and commercial services on the ground floor.

Contributing to community needs

Sympathetic to the current street scene, the development aims to promote sustainability and healthy living with close proximity to local parks and the existing public transport networks.

Let on a HMO basis, the blocks will provide much needed high quality affordable accommodation for the local area. 

As well as students and young professionals, NHS staff and other key workers have also been identified as key groups for the development, which aims to provide low-cost rental opportunities for those who might otherwise struggle to find affordable accommodation in the area.

William McKenna, Director of Luxgrove Homes said:

“We’ve been with Principality for over ten years and close to 15 projects, and what drew us to them at the start still holds true today: a genuinely relationship-based approach to lending. They take the time to understand you, to talk a deal through and get to grips with your requirements and what’s driving them. That’s very different from most lenders. Principality have been an excellent partner to grow with, and this scheme is a great example of that.”

Growing with our clients

Over the last ten years, Principality’s Commercial Funding Team has supported Luxgrove with funding on a variety of projects of increasing value. Most recently in 2025 with Barbara Speake Stage School and Nile Lodge also both in West London.

This latest commercial lending agreement reflects Principality’s strategic commitment to doubling the size of its commercial lending business and opening more doors in both the mortgage and commercial lending markets.

James Ford, Senior Portfolio Manager, said:

“ We’re delighted to have assisted with this development which will provide much needed accommodation in the local area. As Luxgrove continues to scale its operations, we’re proud to grow alongside them as part of our own ambition to expand our commercial lending business. Whilst this scheme is still in the early stages of development, we’re looking forward to seeing it evolve.”

The development is scheduled for completion in Summer 2028.