Grade II listed building being brought back to life with Development Bank cash
A prominent Grade II listed office building is being brought back to life with cash from the Development Bank of Wales.
It has joined forces with Barclays to provide funding package to help PHG Consulting Engineers move to its new Cardiff HQ.
The Victorian building on Cowbridge Road East in Riverside is opposite St David’s Hospital. The property, a former hotel constructed in the 1850s, has been empty for a number of years.
It is being renovated after PHG Consulting Engineers secured a £140,000 loan from the Development Bank of Wales, which follows a £500,000 commercial mortgage from Barclays. PHG plan to move into their new headquarters by the end of March 2021.
Founded in 2013 by Managing Director Pierre Grigorian, the company offers engineering consultancy on civil and structural projects.
They work with a range of commercial and residential developers across south Wales. Their new office move will mean all staff can work from a central base as well as from home and allow room for expansion too.
Pierre Grigorian said: “Buying and refurbishing our new office gives us more room to grow the business as we are completely full in our current offices.
“Over the course of 2020 we expanded our team from 15 to 20. While a lot of our staff have been working from home, we wanted an office base which can accommodate everyone safely and comfortably. We have found that in this historic building.”
Co-owner and Director Steve Davis, who joined the firm in 2017, added: “The other main benefit is this office really moves us onto the next level in terms of our presence in the market place. With these headquarters it gives us the gravitas to look at other markets such as London and overseas and showcases the high-standard of work and expertise our staff provide.”
The deal was structured by Investment Executive Navid Falatoori on behalf of the Development Bank. He said: “Pierre approached us following advice from his bank Barclays. PHG were looking for a new headquarters to house their expanding company with good links to central Cardiff.
“Working with Barclays and ourselves they were able to secure funding for the project.
“The whole process has been a great exercise in collaboration between the business, ourselves and Barclays. Pierre and the team at PHG also wanted to use their engineering expertise to bring back an historic building to use.”
The commercial mortgage was arranged by Ruth Carmock Barclays Business Banking Relationship Manager. She said: “By clearly understanding the business and the industry sector, Barclays has been able to provide a funding package to support PHG throughout this exciting expansion.
“A major investment in the new premises demonstrates both Barclays as well as Steve and Pierre’s confidence in the continued growth and success of the business.”
“We really appreciate all the support we’ve been shown by Barclays and the Development Bank,” added Pierre. “They really understood what we wanted to do and have supported us and our ambitions to grow our business.”
Funding for the deal came from the Wales Business Fund which is partially backed by the European Regional Development Fund via the Welsh Government.