UK: Bluecastle Capital has acquired a development site in the centre of Cardiff for what will be the tallest building in Wales.
The last parcel of land (plot 5) at the mixed-use Central Square scheme has been bought by Bluecastle from property development company Rightacres Property for a fee reported to be in the region of £15 million.
Bluecastle Capital will now take forward plans – for which there is already planning consent – for a 35-storey BTR apartment scheme. When completed, the 113 metre-high block will provide 364 apartments. The development will also have a commercial pavilion and additional residential amenity space.
Ed Williams, chief executive of Bluecastle Capital, said: “This acquisition represents an important investment for Bluecastle and is our first project located in the Cardiff Capital Region. The site is extremely well located in the heart of Cardiff city centre, with excellent transport links and access to local employment centres. As a location, Cardiff offers extremely attractive benefits, including a thriving local economy and is projected to be one of the UK’s fastest growing cities over the next two decades.”
Following a career in equity markets with Merrill Lynch, Williams founded Bluecastle Capital in 2015. The London-based company has structured, developed and asset managed more than £3 billion worth of real estate projects.
It has around 1,000 apartments in its development pipeline. Its other schemes under development are in Stevenage and Sheffield.
The exact value of Bluecastle’s land deal with Rightacres has not been disclosed, but is understood to be around £15 million. The land plot was marketed on behalf of Rigthacres by property advisory firm Knight Frank through its Cardiff office. On the potential for further BTR projects in the city, Mr Williams said: “We are committed to Cardiff as a location and see huge potential for the BTR sector within the city.”
Bluecastle will operate the Central Square BTR scheme once completed.
