Watkin Jones has reached practical completion of the second and final phase of a new 718-home Build-to-Rent scheme in Cardiff.
Tai Afon becomes the largest BtR scheme in Wales, creating a new residential community alongside public realm improvements as part of the wider regeneration of the former Brains Brewery site.
Forward funded by L&G, the £200million development brings the investor’s total investment in the city to £1billion, reinforcing the continued growth of institutionally backed rental housing and regeneration across the UK.
The completion of the second phase of 316 apartments follows the delivery of the first 402-home phase, delivered earlier this year. Together, the two residential developments complete the first phase of Rightacres’ Central Quay regeneration of the former Brains Brewery site, which will transform it into a new mixed-use neighbourhood.
Located adjacent to Cardiff Central Station and within walking distance of the city centre and Principality Stadium, Tai Afon occupies a prominent location within the wider Central Quay masterplan. Residents will benefit from a wide range of amenities, including co-working facilities, private dining spaces, a podcast studio, cinema, yoga and spin studios, a gym, residents’ lounges and roof terraces.
The completed public realm includes a new public square overlooking the River Taff, alongside water gardens, outside decking areas and enhanced landscaping with extensive native tree and shrub planting.
Tai Afon will form part of L&G’s growing BtR portfolio, reflecting its wider strategy of using long-term institutional capital to support new rental housing in areas of strong demand. To date, L&G has deployed £4billion through its BtR strategy across 12 UK cities.
Gwyn Pritchard, Managing Director of Watkin Jones, said: “Delivering a development of this scale, marking the completion of Wales’ most significant BtR development, comprising 718 homes and substantial new public realm, demonstrates Watkin Jones’ ability to deliver complex residential for rent projects in partnership with leading institutional investors. Tai Afon is expected to play a significant role in shaping Cardiff’s future as a destination to live, work and invest, reflecting the strength of our offering, the expertise of our teams and the collaborative approach taken by all partners involved.”
“The scheme further strengthens our track record of delivering residential for rent communities that generate long-term value for investors, residents and the cities in which we operate. As demand for high-quality rental housing continues to grow, developments such as Tai Afon demonstrate the important role the sector can play in supporting regeneration and housing delivery across the UK.”
Adam Burney, Head of BtR and PBSA, Asset Management, L&G, commented: “Completion of the second phase of Tai Afon represents another milestone in L&G’s investment in Cardiff. With over £1billion invested in the city to date, we are proud to play a key role in the continued progression of this world-class city, providing high-quality rental homes and contributing to the economic growth of the Cardiff region.”
“The first phase of Tai Afon has been well received by our new residents, and we look forward to welcoming more people to the Tai Afon community in the second phase, along with commercial occupiers who will provide retail, food and beverage and health and wellbeing services to the wider community”
