Cambridgeshire and Peterborough Combined Authority Provide ￡4.84m Loan Facility to deliver 25 Apartments

Cambridgeshire & Peterborough Combined Authority are delighted to be supporting the redevelopment of the former Alexander House in Ely into apartments which will be known as The Old Tannery. A loan facility has been agreed with Laragh Homes from the Mayoral Combined Authority’s innovative Revolving Fund, which grants loans to property developers in order to facilitate the building of affordable homes.

The Old Tannery development will contain 25 one and two bedroom flats, including affordable properties for the Mayors ￡100k homes programme. The scheme will rejuvenate an iconic building in the centre of Ely that is currently unoccupied, creating a mix of affordable and market properties. Laragh Homes have a strong onus on ensuring that their developments blend with their local environments and are executed to high quality standards.

Ely is an in-demand location so provision of an extra 25 one and two bedroom homes will be a much needed addition to the local property market.

The Mayoral Combined Authority has committed to funding 2000 affordable properties to be started on site by March 2022. Over 1500 have already been approved.