Close Brothers Property Finance announces today it has completed a £67.2m facility to support Draycott Group in delivering a 340-unit Build to Rent (BTR) scheme in Cardiff, with a GDV over £100m. The 30-storey building is set to be one of the tallest buildings in Wales and reflects the property divisions’ growing appetite for larger-scale transactions in the region.
Harlech Court, in Cardiff city centre, is the first loan agreed with Draycott Group, a Cardiff-based developer with a 40-year track record of delivering residential and commercial schemes, including BTR and Purpose Built Student Accommodation (PBSA).
The deal was led by Close Brothers’ Structured Finance team, which was established in 2025 to sit alongside the bank’s core SME housebuilder business, which it has serviced for over 50 years. Headed up by Managing Director Chiara Caldwell, the Structured Finance team is dedicated to large and complex Living sector finance (BTR, co-living and PBSA) across the full breadth of the UK. Shon Pallickaleth was appointed as Business Development Director in February 2026 to drive growth across Wales, the South West and the Midlands.
In Wales, the Build to Rent 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[1]. The number of units in planning has grown by two-thirds over the same period.
Harlech Court is a prime city centre site, which will be built on 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.
Phil Hooper, CEO of Close Brothers Property Finance, says: “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, CEO of Draycott Group, says: “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.”
[1] Build-to-Rent Report, Q1 2026, prepared by Savills for UK Real Estate (formerly the British Property Federation)
