Hodge Bank and Cardiff-based Rightacres Property Group have struck their first funding deal with the bank backing the One Canal Parade office development in the Dumballs Road area of Cardiff.
Designed by Chris Waterworth Architects and constructed by BECT, the 54,000 sq ft scheme is due for completion in June.
The deal was negotiated by Hodge Bank’s Paul Green, who said: “For many years Rightacres has been a highly-regarded landowner and property developer and the Canal Parade scheme is the latest example of the care it takes to produce sustainable and innovative buildings.
“We are delighted to be partnering Rightacres in this project, which already has two floors under offer and significant interest in the remaining floors.”
The development sits alongside another Rightacres project, Cardiff & Vale College, which was completed in 2015. The One Canal Parade scheme will ensure the momentum created in the area continues with potential to attract hundreds of jobs.
Paul McCarthy, chief executive at Rightacres, said “Working with Hodge Bank on this project has brought a fresh approach to development funding.
“Their local knowledge and understanding of our market meant that we were able to swiftly and efficiently put the finance in place to deliver the scheme and we look forward to working with the bank’s commercial property team on future projects.”
Hodge Bank recently relocated to another Rightacres development in Central Square, where the developer has now let over 500,000 sq ft.