Principality’s £150m Backing Helps Complete Cardiff’s Landmark Housing Development
04 March, 2025
Principality’s £150m Backing Helps Complete Cardiff’s Landmark Housing Development
Work has officially completed on The Mill, Cardiff’s largest housing development, marking the end of a decade-long transformation of the former Arjo Wiggins paper mill site. With the final 157 homes now finished, this £150m project, backed by Principality Commercial, has delivered 800 homes, half of which are dedicated to affordable rental housing.
The development, which began in 2014, was made possible through a collaborative effort between Principality Commercial, Welsh Government, Tirion Homes, Lovell, and Cadwyn Housing Association. The landmark project has not only provided much-needed homes but also introduced new infrastructure, including roads, a viaduct, flood defences, and commercial units to support local businesses.
A Sustainable Community for Cardiff
Of the 800 homes built:
- 358 homes were sold on the open market by Lovell.
- 442 homes were designated for affordable rental, including 75 social housing units managed by Tirion Homes.
- The final 157 homes, a mix of apartments and houses, are now fully occupied and managed by Cadwyn Housing Association.
The site also includes a riverside park, green spaces, children’s play areas, and cycle paths, with further plans for a neighbourhood centre and improved public transport links.
Principality’s Role in Driving Housing Development
As Wales’ largest building society, Principality Commercial played a crucial role in financing this project, demonstrating its commitment to supporting sustainable and affordable housing.
Richard Wales, Commercial Lending Director of Principality Building Society, commented:
“With the successful completion of the final phase of The Mill development, we are hugely excited to see the transformation of the formerly abandoned paper mill site into a vibrant and sustainable community for Cardiff. By helping people into their own property, funding sustainable and affordable housing, and supporting the creation of homes that meet the needs of future generations, we are contributing to a brighter future for local communities.”
A Collaborative Effort
The completion of The Mill reflects the success of public-private collaboration in addressing housing demand. Welsh Government’s £8m investment played a key role, ensuring high-quality, affordable homes were delivered.
David Ward, CEO of Tirion Homes, highlighted the project’s impact:
“The high demand for these quality homes underscores the importance of our mission to provide affordable housing. This would not be possible without the unwavering support of Principality Building Society, Welsh Government, Cadwyn, and Lovell.”
A Decade of Transformation
With the completion of The Mill, Cardiff has gained a sustainable, well-connected community—one that not only meets the housing needs of today but is built with future generations in mind.