Watkin Jones, the UK’s leading developer of residential rental homes, and major financial services group, Legal & General, have announced that work has begun on the significant regeneration project at the former Brains Brewery site in Cardiff Quay.
The breaking ground ceremony signalled the start of construction of over 715 BTR apartments adjacent to the train station and forms an integral part of the wider £1billion regeneration project in the Welsh capital.
Once complete, the BTR development will be the largest of its kind in Wales, comprising a mix of studios, one, two and three-bed apartments, a concierge, lobby, gym, and gardens and terraces. The scheme will also feature a public square facing onto the River Taff, in addition to over 19,500 sq. ft. 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 PV panels and hot water generation provided by highly energy-efficient air source heat pumps, demonstrating their commitment to creating the future of living and homes that are truly sustainable.
The £200million 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.
Alex Pease, chief investment officer at 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 £1billion 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.”
