Combined Authority loan for Alexander House in Ely repaid
Cambridgeshire & Peterborough Combined Authority has today confirmed it has received repayment of a £4.84 million loan made to Cambridgeshire based developer, Laragh Homes, for the redevelopment of Alexander House in Ely.
Now called The Old Tannery, the previously difficult to let office space at the bottom of Fore Hill comprises 25 apartments, which includes 4 affordable homes that would not otherwise have been delivered to the market. The transformative development is a significant addition to the local private and affordable housing stock – the 4 affordable units providing opportunity for those that live and work in the local area to live in the centre of Ely without paying the price normally associated with a brand-new housing development.
The initial loan was seen as a way for the Mayoral Combined Authority to sustainably support housing schemes that would otherwise not have progressed due to a lack of funding. The capital returned will now be rolled into the grants the CPCA has agreed on other schemes in its affordable housing programme.
Dr Nik Johnson, Mayor of Cambridgeshire and Peterborough said: “It is wonderful to see another housing project completed, and to see a previously under-utilised space transformed into new homes. The addition of four affordable units – despite there being no planning obligation to do so – is extremely welcome and will allow yet more members of our community to put down roots in the places that matter to them.”
Hannah Greenhow, Director of Laragh Homes said: “The development finance we received from the Cambridgeshire and Peterborough Combined Authority was much appreciated and enabled us to bring forward the stunning re-development of what was an unsightly commercial building to what is now The Old Tannery.
The scheme is now a beautifully designed development of 25 apartments offering both affordable and private housing in a sustainable location central to the heart of this historic City. Being able to regenerate this part of the city and provide much required housing to our region helps to establish our vision to work closely with communities and local authorities across the area and upkeep our values in the delivery of quality housing.”