Cardiff-based property developer Draycott Group has secured a £67.2m lending facility from Close Brothers Property Finance to complete its 30-storey Harlech Court residential scheme in the centre of Cardiff. The project, which secured planning consent last year, is expected to have a gross development value (GDV) of £100m on completion and will deliver 340 build-to-rent (BTR) apartments, making it one of the tallest buildings in Wales.
Funding and Construction Progress
The main tower crane is now in place at the site, with Intelle Construction acting as main contractor and Stephenson RC Frames as frame contractor. The development is scheduled for completion in early 2029. Draycott said it could potentially sell the investment on, but its priority at present is to complete the scheme.
Harlech Court is the first funding deal Close Brothers has struck with Draycott Group, which has a 40-year track record of delivering residential and commercial schemes, including BTR and purpose-built student accommodation. The deal was led by Close Brothers' structured finance team, established in 2025 to sit alongside the bank's core SME housebuilder business, which it has serviced for over 50 years.
Wales BTR Market Growth
In Wales, the BTR market has seen robust growth over the last year, with a 16% increase in units (completed, under construction and in planning) from 3,296 in Q1 2025 to 3,824 in Q1 2026. The number of units in planning has grown by two-thirds over the same period.
Harlech Court will be built on the site of a former purpose-built office block. It will comprise one and two-bedroom apartments and will feature amenities including a residents' co-working area, meeting room, gym, residents' lounge and sky lounge.
Leadership and Strategic Appointments
The structured finance team is headed up by managing director Chiara Caldwell and is dedicated to backing BTR, co-living and purpose-built student accommodation schemes across the UK. Shon Pallickaleth was appointed as business development director in February this year to drive growth across Wales, the South West and the Midlands.
Phil Hooper, chief executive 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. We’re proud to be partnering with Draycott and to be growing our presence in the living sector with the same relationship-led approach that’s made us a trusted partner to housebuilders and developers for over 50 years.”
Sajid Ghaffar, chief executive 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 team at Close Brothers Property Finance have understood our ambition from day one and worked closely with us to structure a facility which has enabled the scheme to move forward at pace. Working with a lending partner with similar longevity and a clear commitment to the region has been enormously valuable.”
The development is expected to contribute to the growing BTR sector in Wales, which has seen significant expansion in planning activity over the past year. With completion scheduled for early 2029, Harlech Court will add 340 rental apartments to Cardiff's housing stock, reinforcing the city's position as a key market for build-to-rent investment.
