11 June 2024

Principality Commercial finances redevelopment of Newton Abbot high street bank building 

Principality Commercial has provided £1.7million in funding towards the redevelopment of an empty Barclays Bank building situated on a prominent high street in Newton Abbot.

Developed by Newton Abbott Properties Ltd, a long-standing partner of Principality Commercial, ‘The Barclay’ has been transformed into 20 attractive flats in the heart of South Devon.

Located on the junction of Courtenay Street and Union Street, The Barclay features 20 one and two-bedroom flats across four floors and offers the charms and comforts of a popular market town with independent shops, cafes, restaurants, pubs, while boasting refined interiors and modern amenities.

Owned and operated by Mark Goldbart and Daniel Lyons, Newton Abbot Properties was established in 2006 when the property was initially let to Barclays Bank.

Principality Commercial, the commercial arm of Wales’ largest building society, provided Newton Abbot Properties with funding that went towards the redevelopment and renovation of the property, alongside practical support to complete the project in only 12 months. 

With the support of Principality Commercial, The Barclay has reclaimed its position as the cornerstone of the high street by making good quality accommodation more accessible to first times buyers and young professionals. Since the renovation completed last month, a number of flats have been sold, with offers in the pipeline. 

Principality Commercial, the commercial arm of Principality Building Society, lends across England and Wales, providing finance for both investment and development schemes in the commercial and residential sectors, including supporting housing associations.

Commenting on the partnership with Newton Abbot Properties, Maria Elias, Relationship Manager, Principality Commercial, said: “We are very proud to have supported our long-standing clients, especially given the history of this property. What was once an empty building has now been regenerated to offer modern accommodation, whilst also retaining the charm of the former building.”

Mark Goldbart, Director, Newmark Properties LLP, said: “It has been hugely beneficial to have the support of Principality’s commercial team throughout this development process of 20 newly converted apartments. Their knowledge, professionalism and support has greatly assisted us getting to practical completion in a timely fashion and we very much look forward to working with them again in the future’.

Daniel Lyons, Director, Newmark Properties LLP, said: “Over the last two decades, working with Principality has always been a pleasure. In a world that throws curve balls they have always been helpful in shaping options that optimise the business outcome.”

To find out more, visit www.principality.co.uk/commercial 

Published: 11/06/2024