Principality Building Society has announced its largest current development funding deal, committing nearly £42 million to help deliver more than 200 homes in Ealing, West London.
The funding supports Luxgrove’s latest Broadway development, which will include two accommodation blocks with shared internal and external communal spaces, plus ground-floor retail and commercial units.
The project is designed to fit the existing streetscape and promote sustainability and wellbeing, with nearby parks and strong public transport links. It will provide high-quality, affordable rental homes for the local area, with a particular focus on students, young professionals, NHS staff and other key workers who may struggle to access affordable housing.
The deal reflects a long-standing relationship between Principality and Luxgrove, which spans more than ten years and nearly 15 projects. Luxgrove described Principality as a relationship-led lender that takes time to understand borrowers’ needs and supports growth through open dialogue and trust.
Principality said the funding demonstrates its ambition to expand its commercial lending business and support more housing delivery. The Society sees the Ealing scheme as part of a wider strategy to open more doors in both mortgage and commercial lending markets.
The development is expected to complete in summer 2028.
- Project location: Broadway, Ealing
- Funding: nearly £42 million
- Homes delivered: over 200
- Completion date: summer 2028
Principality background: founded in 1860, Wales’ largest building society, with 53 branches and 15 agencies across Wales and the borders, assets of £14.1bn, and a commitment to remaining customer-owned.
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