UK: Developer Watkin Jones has started construction of a £200 million BTR development in Cardiff for Legal & General.
The 715-unit project is being built on the former Brains Brewery site in Cardiff Quay, next to the train station. Made up of two tower blocks – one of 24 storeys and one of 29 storeys – the scheme is part of a wider £1 billion regeneration project in the Welsh capital.
The development will also feature a public square facing onto the River Taff and 19,500 square feet of leisure and retail space.
Central Quay is Legal & General’s third deal with Watkin Jones in the last two years, and the one to date.
Mike Powell, head of BTR transactions at LGIM Real Assets, said: “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 billion 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.”
