The final phase of the £400 million regeneration scheme in Cardiff is set move forward after a number of contracts were exchanged. Cardiff Central Square will include a new Bus Station; 318 Build to Rent (BTR) apartments; and 100,000 sq ft of Grade A office space as part of its final major element.
Legal & General is leading the scheme, including this final phase, which will be the largest privately funded development in Wales when complete.
“Legal & General’s activity across the South West and Wales demonstrates how our varied capital streams can be put to work to create real high quality assets which have a significant long term socio-economic impact in the region. Cardiff Central Square is a prime example of how we are creating assets for Legal & General Retirement to back pension risk transfer deals and that can form part of LGIM-managed funds, while delivering jobs, housing, infrastructure and exponential economic growth. This is inclusive capitalism at its best,” said Kerrigan Procter, CEO of Legal & General Capital.
“With Cardiff’s population expected to grow significantly over the next 20 years, increasing pressure is being put on its housing provision and infrastructure. We are delighted today to announce Wales’ largest Build to Rent scheme, which will help to address the growing challenges, offering high quality, affordable homes on long term fleule leases for elective renters. The delivery of high quality developments with vibrant communities is becoming more and more important. This latest project is the perfect example and will have a positive long term impact for Cardiff and the South West more widely, maximising our existing infrastructure and supporting economic growth and job creation,” Dan Batterton, Head of Build to Rent at LGIM Real Assets commented.
Paul McCarthy, Rightacres Chief Executive, added: “Cardiff Central is the key gateway to Wales and as more businesses and people move into Cardiff city centre, the development and transport hub will provide ever increasing economic, environment and social value.”