Watkin Jones, the UK’s leading developer and manager of residential for rent homes, and Legal & General, one of the UK’s leading financial services groups and a major global investor announce the recent breaking of ground ceremony at the former Brains Brewery site in Cardiff Quay, signalling that work is now underway to construct the largest Build to Rent development min Wales.
The new scheme is part of the wider £1bn regeneration project in the Welsh capital, situated in a prominent location adjacent to Cardiff train station. The Cardiff Quay scheme will deliver over 715 new Build to Rent homes – a mix of studio, one, two and three bed apartments. The development will also feature a public square facing onto the River Taff and over 19,500 sq ft of leisure and retail space.
“We are proud to have broken ground at Cardiff Quay, home to the former Brains Brewery. This regeneration of a strategic site in the heart of Cardiff will deliver high quality sustainably constructed Build to Rent homes, which also helps meet the ever-increasing housing demand in the area. With best-in-class amenities for residents, this sustainable development will breathe renewed life into this prime location. Building upon recent transactions, we are looking forward to developing this on behalf of Legal & General.”
Alex Pease, Chief Investment Officer, Watkin Jones
The Cardiff Quay development will support both Watkin Jones and Legal & General’s ambitions and commitments to ESG. BREAAM and Home Quality Mark accreditations will be adhered to, in addition to roof- mounted photovoltaic panels and hot water generation provided by highly energy efficient air source heat pumps, demonstrating a commitment to creating the future of living and homes that are truly sustainable.
The £200m investment will help to catalyse the wider Central Quay regeneration and help support the ongoing demand for rental housing in Cardiff. Central Quay is Legal & General’s third transaction in the last 24 months with Watkin Jones, and the largest to date, helping to build on its expertise in delivering sustainable homes in key regeneration locations.
“We are delighted to see spades in the ground at Central Quay, delivering a unique offer of city centre living on the waterfront.
“Marking £1bn of real assets investment into Cardiff, we are proud to have played our part in the city becoming one of the UK’s leading locations to live, work and play. The provision of a further 715 Build to Rent apartments will facilitate this trajectory of growth with much needed new homes and build on the long- standing role Legal & General has played in Cardiff’s regeneration.”
Mike Powell, Head of Transactions, BTR, at LGIM Real Assets
