£67m funding secured for 30-storey Cardiff tower block

Nation.Cymru staff

A £67.2 million finance deal has been agreed for a 30-storey apartment tower currently under construction in Cardiff city centre.

The Harlech Court development will contain 340 rental flats and is expected to have a value of more than £100m when completed, with developer Draycott Group describing it as its largest project to date.

Planning permission for the tower was granted by Cardiff Council in October last year, following proposals to redevelop the site of the former Harlech Court office block and the former home of popular music venue Porter’s.

Construction is now under way, with the main tower crane in place and Intelle Construction acting as the main contractor.

Close Brothers Property Finance has agreed the £67.2m facility to fund the Build to Rent development, which is set to become one of the tallest buildings in Wales.

The scheme will provide 279 one-bedroom flats for up to two people and 61 two-bedroom flats designed for up to four occupants.

Residents will also have access to a co-working area, meeting room, gym, lounge and sky lounge.

The plans approved last year included 536sqm of internal communal space as well as 245sqm of external amenity space, including communal gardens and roof terraces on the 20th and 21st floors.

Draycott Group, a Cardiff-based developer which has been involved in residential and commercial property for around 40 years, is behind the project.

Its chief executive Sajid Ghaffar 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 development was approved by Cardiff Council’s planning committee in October 2025 after members heard differing views about aspects of its design.

Concerns were raised at the time over waste and recycling arrangements and cycle storage, with 352 bicycle spaces proposed.

Council planners nevertheless recommended approval, arguing the scheme would regenerate the site and provide additional housing.

Plans for redeveloping Harlech Court were first announced in 2021, when early proposals suggested a building of up to 35 storeys.

Rental developments

Close Brothers said the deal comes amid growth in Wales’ Build to Rent sector – developments constructed specifically for the rental market rather than for homes to be sold individually.

Figures supplied by the company show the number of Build to Rent homes either completed, under construction or in the planning system in Wales increased from 3,296 in the first quarter of 2025 to 3,824 in the same period this year – a rise of 16%.

It said the number of units at the planning stage had increased by two-thirds over the same period.

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.”

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