17 September 2019
Principality Commercial finances regeneration of historic development
Principality Commercial has provided financing for the redevelopment of an historic building in Cardiff Bay. Developed by Cardiff Bay Estates, Marine House has been regenerated to provide 13 stylish one bed apartments for first time buyers in the community.
Set in a Grade II listed building, the redevelopment has combined both the classical features of the building with modern design, ensuring both the character of the building remains whilst providing a contemporary living space.
The regeneration of Marine House began after the building was highlighted in the ‘Buildings at Risk’ survey in 2011. The building’s original features, including the main staircase, Victorian windows and exterior, have been repaired to ensure the character of the building has been kept intact. Marine House’s history dates back to 1857 where the building served as residential property for sailors, at the heart of Tiger Bay’s trade history.
The apartments, which are priced to support the first time buyer market by qualifying under the Help to Buy Wales scheme, have already proved popular. To date, 10 of the 13 apartments have been reserved, with the development expected to complete by November 2019.
James Ford, Relationship Manager at Principality Building Society, said:
“We’re proud to be supporting Cardiff Bay Estates - a long standing customer who is enabling the regeneration of an unoccupied building to provide high standard homes to first time buyers. Their attention to detail is evident from the product they are bringing to market, ensuring the character of this period building remains intact.”
Mehrdad Chegounchei, Director at Cardiff Bay Estates, said:
“We are immensely proud of the Marine House development. We have been meticulous in ensuring we have kept as many classical features as possible, including the shell stuccos which are unique to this building. This makes it a really desirable development.”
Martin Grindell, Director at Cardiff Bay Estates, added:
“We’d like to thank Principality Commercial for the support they have provided to us – we have been most impressed with their service as a lender.”
Principality Building Society has recently announced the launch of a £50 million fund available for small housing developers across Wales to support the Welsh Housing Agenda.
For further information, please visit www.principality.co.uk/commercial
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