A £67.2 million financing package has been agreed to support the delivery of Harlech Court, a major 30-storey build-to-rent development currently under construction in Cardiff.

Close Brothers Property Finance has provided the facility to Draycott Group for the 340-home residential scheme, which is set to become one of the tallest buildings in Wales and make a significant addition to Cardiff’s evolving skyline.

Construction is already progressing on site, with the main tower crane now installed. Intelle Construction is leading delivery as main contractor, while Stephenson RC Frames has been appointed as frame contractor.

The development represents Draycott Group’s largest project to date and will provide 340 purpose-built rental homes within a high-rise scheme in the Welsh capital.

The substantial funding agreement provides further momentum for the construction programme and demonstrates continued investment in Cardiff’s build-to-rent market as demand for professionally managed rental accommodation grows in major regional cities.

Phil Hooper, CEO of Close Brothers Property Finance, said: “Harlech Court is exactly the type of scheme our Structured Finance team was set up to back: a landmark development in an excellent central location in a capital city that continues to see strong demand for quality rental stock.”

For Draycott Group, Harlech Court builds on more than four decades of involvement in Cardiff’s residential and commercial property markets.

Sajid Ghaffar, CEO of Draycott Group, said: “This is the largest scheme that we have delivered to date and it will transform the Cardiff city skyline.

“Cardiff is a market we know extremely well, having been active in residential and commercial property development for over 40 years, and Harlech Court builds on that long-standing track record.”

The project adds to the growing pipeline of build-to-rent development across the UK’s regional cities, where larger residential schemes are increasingly combining significant institutional and specialist development finance with high-density construction.

With the tower crane now in position and the £67.2 million finance facility secured, construction at Harlech Court is set to gather pace as the 30-storey development begins to take its place on the Cardiff skyline.

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