25 February 2022

Principality Commercial funds new residential development in Cambridge

Principality Commercial has provided £2.64m in financing to OpenArch Estates towards the purchase of a new residential and commercial property in the centre of Cambridge. 

OpenArch is one of the largest rental property specialists in Cambridgeshire and have been in partnership with Principality Commercial, the commercial arm of Wales’ largest building society, since 2013.

The latest purchase, costing £4.4m in total, is an office building which has been converted into 15 self-contained apartments for the rental market and three retail units currently containing existing local businesses. 

Situated above a retail parade and just a short walk to both Corpus Christi College and King’s College, the newly developed properties are in a desirable location within the city centre.

Principality Commercial lends across England and Wales, providing finance for both investment and development schemes in the commercial and residential sectors, including supporting housing associations. 

Stephen Ryan, Senior Portfolio Manager at Principality Commercial, said: “We are excited to announce the funding provided for OpenArch to deliver the new homes and retail space in the heart of Cambridge, which is one of the most resilient letting areas in the UK with demand from academics, bio tech and high technology industries. We are proud to have assisted in this project, which will also provide the much-needed rented accommodation in the area.”

The Society has previously supported OpenArch with financing for residential apartments in market town March, and a mixed retail and residential scheme in St Neots, both in Cambridgeshire.  

Michael Horan, Managing Director at OpenArch, said: ‘’We are delighted to have added to our portfolio with this flagship property in the heart of Cambridge and are pleased we had the support of Principality to achieve it. We are always interested in opportunities to acquire quality property, in all sectors, so a mixed use scheme including high quality residential accommodation, and in an excellent location, fitted our strategy well.”

To find out more, visit www.principality.co.uk/commercial

Published: 25/02/2022