L&G exchanges contracts for Build to Rent scheme in Cardiff
Legal & General has exchanged contracts to complete the largest privately funded development in Wales, Cardiff Central Square, in partnership with the Welsh government and Rightacres Property.
Comprising over 500,000 sq ft, the final major element of the £400m regeneration scheme will include a bus station, 318 Build to Rent (BTR) apartments; and 100,000 sq ft of Grade A office space.
Kerrigan Procter, chief executive of Legal & General Capital, said: “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.”
Huw Thomas, leader of Cardiff Council, added: “The building of a new bus interchange has been a number one priority for the council since day one of this administration, reflecting our commitment to delivering more and better jobs for the people of Cardiff and beyond.
“This will be the final stage of the completion of Central Square, which is the biggest regeneration project in Wales. The Council’s original masterplan for this part of the city is now a reality and we are delighted that through it, thousands of jobs are being created in the Welsh Capital.”
Within the South West, Legal & General has funded more than seven major schemes over the past five years.
Dan Batterton, head of build to rent at LGIM Real Assets, said: “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 flexible 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.”
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.”