Development Bank supports apartment scheme at landmark site

A site which was once home to a Cardiff nightclub is now an apartment building, thanks to redevelopment plans backed by the Development Bank of Wales.The Casablanca Building sits on the site of the former Casablanca nightclub, which ran from the late 1960s until the early 1990s and was the social heart of Tiger Bay for many years.Formerly the Bethel Chapel – which dated back to the 1840s – the Casablanca was an important part of Cardiff’s nightlife, hosting performances from artists such as Aretha Franklin and Spandau Ballet.Work on the redeveloped site was carried out thanks to the backing of the Development Bank, which supported developers Mount Stuart Square Developments with a £3.36m property development loan.This was supported by the Cardiff branch of local relationship bank Handelsbanken, which agreed to refinance the Development Bank’s loan once the property was completed so that Mount Stuart Square Developments could retain the property for rental.The new development – consisting of 20 one and two-bedroom apartments and a three-bedroom penthouse, together with 1,650 sq ft of commercial space – is fully let, thanks to the help of Cardiff-based estate agency MGY.This is the first completion worked on by James Brennan, who joined the Development Bank as a property development executive in 2020