Legal & General will develop 318 Build to Rent flats as part of a £400m regeneration of Cardiff’s Central Square district after exchanging contracts to complete what is the largest privately funded development in Wales.
Featuring more than 500,000 sq ft, the final major element of the scheme will also include a new bus station and 100,000 sq ft of Grade A office space.
The building of a new bus interchange has been a major priority for the council since day one of this administration, reflecting its commitment to delivering more and better jobs for the people of Cardiff and beyond, according to Huw Thomas, leader of Cardiff Council.
He said: “This will be the final stage of the completion of Central Square, which is the biggest regeneration project in Wales.
“The Council’s original masterplan for this part of the city is now a reality and we are delighted that through it, thousands of jobs are being created in the Welsh Capital.”
Kerrigan Procter, CEO of Legal & General Capital, added: “Cardiff Central Square is a prime example of how we are creating assets for Legal & General Retirement to back pension risk transfer deals and that can form part of LGIM-managed funds, while delivering jobs, housing, infrastructure and exponential economic growth. This is inclusive capitalism at its best.”