Watkin Jones and Legal & General have started on a new project at the former Brains Brewery site in Cardiff Quay. The scheme will feature over 715 BTR apartments as part of the wider €1.2bn (£1bn) regeneration project in the Welsh capital. This new development is situated in a prominent location adjacent to Cardiff train station and forms an integral part of the wider regeneration of the area.
Consisting of a mix of studio, one, two and three-bed apartments, this substantial BTR development, which will be the largest in Wales, will include a concierge, lobby, gym, plus gardens and terraces. The development will also feature a public square facing onto the River Taff, in addition to over 19,500ft² of leisure and retail space.
This development will support both Watkin Jones and Legal & General’s ambitions and commitments to ESG. Furthermore, 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 our commitment to creating the future of living and homes that are truly sustainable.
The €227.3m (£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 one to date, helping to build on our expertise in delivering sustainable homes in key regeneration locations.
Alex Pease, Chief Investment Officer, Watkin Jones, said: “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 BTR 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.”
Mike Powell, Head of Transactions, BTR, at LGIM Real Assets, commented: “We are delighted to see spades in the ground at Central Quay, delivering a unique offer of city centre living on the waterfront. Marking €1.2bn (£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.”