Joint venture to bring forward bus station project

Work on Cardiff’s new bus station is set start in the New Year after approval was given to a new joint venture partnership that will bring forward the project.Cardiff City Council has negotiated a joint venture with developer Rightacres and the Welsh and UK governments to bring forward the Cardiff Central Interchange project, including the modernisation of Cardiff Central Station. A Special Purpose Vehicle (SPV) known as the Metro Delivery Partnership (MDP) will be created by the partners.The council’s preference is for a grade A* office-based scheme but it has proved difficult to secure a tenant in advance of construction.The new joint venture has enabled the office component to be retained within the development while allowing a start on site within the previously-announced timescales.Without the agreement, it would have been necessary to rely on a mixed-use scheme comprising of an element of student accommodation and possibly a hotel. The council’s cabinet approved the agreement yesterday (20 December 2017). It gave the go ahead to the new funding model and partnership, finalised the details of the scheme with the developer and began the process of securing City Deal money for the interchange project.A new planning application will be required to approve the changes, but it is anticipated that the existing planning consent for the bus station element will enable an early start on site in the New Year. When complete, Transport for Wales to operate the new bus station.