The first of a planned 182 rental apartments in Cardiff city centre will open next year, with more to follow in 2028. Traders Yard, the latest co-living scheme from Urban Centric, has received a near £28m funding deal from Principality Building Society.
Development details
Traders Yard is located near Cardiff Central railway station and the Central Quay redevelopment, neighbouring the Big Yellow Self Storage block on Penarth Road. The development will be split into two blocks: a five-storey block of 40 apartments due for completion next year, and a 13-storey block of 142 apartments due to be completed in 2028.
The scheme will include a communal plaza, commercial floorspace, balconies, roof gardens and cycle storage, as well as a gym, dining room, co-working areas, lounges, games rooms, cinema room and wellness areas.
Funding and support
The scheme already has full planning consent, and Principality Building Society has now backed it with a near £28m funding deal. Chad Griffiths, senior portfolio manager at Principality Commercial, said: "We're delighted to be supporting local property developers Urban Centric with a development of much needed rental homes in the centre of our capital city."
Griffiths added: "We've known Urban Centric for a long time and been impressed with their delivery of a number of similar sized projects. Supporting larger development funding projects, like Traders Yard, aligns with our growth strategy for Principality Commercial."
Developer's perspective
Andrew Woods, managing director at Cardiff-based Urban Centric, said: "Trader's Yard is our most ambitious co-living scheme to date, and having a trusted local lender alongside us gives us real confidence as we deliver high-quality rental homes in the heart of the city."
