L&G unveils further £200m Cardiff investment

Legal & General (L&G) has outlined plans to invest a further £200m to bring forward more than 700 apartments at a prominent Cardiff site.The business’ investment will support 715 build to rent (BTR) apartments at the former Brains Brewery site in Central Quay, adjacent to Cardiff train station.It will be brought forward in partnership with Watkin Jones and Rightacres, the landowner.As part of a major regeneration project in Cardiff, L&G has now committed £1bn into the city, including the landmark Central Square office scheme.Upon completion, Central Square will create space for 13,000 jobs.The provision of a further 715 BTR apartments is expected to support the employment growth, and build on the long-standing role L&G has played in the urban regeneration of the city centre.The BTR development at Central Quay will consist of a mix of studio one, two and three-bed units and includes facilities such as a concierge, lobby, gym, gardens and terraces, as well as about 19,500 sq ft of leisure and retail space.Central Quay is L&G’s third transaction in the last 18 months with residential rental firm Watkin Jones.L&G was advised by Knight Frank and Macfarlanes on the in BTR Central Quay transaction.Tom Roberts, head of strategic investment at LGIM Real Assets, said: “Investing long-term capital in what society needs has never been more important. For the past decade, Legal & General has brought partnership models, expertise and capital to stimulate mixed-use redevelopment – long before ‘levelling up’ was coined.”Our £1bn Real Assets investment in Cardiff reflects what patient investment can achieve. Alongside partners Rightacres Property, Cardiff Council and the Welsh government, we have transformed Cardiff Central Square, not only changing people’s first impressions of the city, but re-shaping Cardiff for the long-term.”Mike Powell, head of transactions for BTR, at LGIM Real Assets, added: “Residential rental demand has risen strongly in recent years due to increased activity in city centres across the UK, but supply is still constrained, leading to fast rental growth.”Recognising the need to provide more high-quality rental homes, Legal & General now has 20 sites in 12 cities nationwide, with more than 2,500 apartments already occupied and over 6,000 more under construction.”Alex Pease, chief investment officer at Watkin Jones, said: “We are delighted to be partnering with Legal & General on another development.”The projects we are delivering together will create excellent homes, act as a catalyst for regeneration of the surrounding areas and help improve people’s lives. We look forward to bringing our expertise to what is a hugely exciting regeneration masterplan.”