Legal & General (L&G) has invested a further £200m to deliver 715 Build to Rent apartments in Cardiff, at the former Brains Brewery site in Central Quay
L&G has announced an investment of £200m to deliver 715 Build to Rent apartments in Cardiff, part of a £1bn regeneration project across the city.
Creating new Build to Rent homes and regenerating the local area
The £200m BTR development at Central Quay will consist of a mix of studio 1, 2 and 3 bed units and around 19,500 sq. ft of leisure and retail space.
Onsite facilities will include a concierge, lobby, gym, gardens and terraces.
Central Quay is Legal & General’s third transaction in the last 18 months with Watkin Jones, who will deliver the project in tandem with Rightacres, the landowner.
Alex Pease, chief investment officer at Watkin Jones said: “We are delighted to be partnering with Legal & General on another development. The projects we are delivering together will create excellent homes, act as a catalyst for regeneration of the surrounding areas and help improve people’s lives. We look forward to bringing our expertise to what is a hugely exciting regeneration masterplan.”
Upon completion, Legal & General’s investment in Central Square will create space for 13,000 new jobs
Legal & General uses long-dated UK pension money to invest in UK cities and towns.
As part of a major regeneration project in Cardiff, L&G have committed £1 billion in Real Assets to deliver:
- £285m – 1,033 Build to Rent apartments at Central Quay (715 apartments) & Central Square (318 apartments), Legal & General’s first BTR scheme in the city which opens in March 2023 and forms part of the Central Square regeneration
- £140m – The Interchange – 120,000 sq ft of Grade A office space at Central Square
- £117m – Government Hub delivering 270,000 sq ft of space for more than 4,000 civil servants
- £45m – Parkgate Hotel – 170-bedrooms located next to the Principality Stadium, in partnership with the Welsh Rugby Union
- £200m in financing to support Wales & Borders franchise to deliver a new cutting-edge train fleet.
Tom Roberts, head of strategic investment at LGIM Real Assets, said: “Investing long-term capital in what society needs has never been more important. For the past decade, Legal & General has brought partnership models, expertise and capital to stimulate mixed-use redevelopment – long before ‘levelling up’ was coined.
“Our £1bn Real Assets investment in Cardiff reflects what patient investment can achieve. Alongside partners Rightacres Property, Cardiff Council and the Welsh government, we have transformed Cardiff Central Square, not only changing people’s first impressions of the city, but re-shaping Cardiff for the long-term. We’re proud to progress this world-class regeneration, setting the city apart as one of the UK’s leading places to live, work and invest.”
