A new scheme for more than 200 apartments that will be for rent has been given the go-ahead in the centre of Cardiff.
Work on the £25m project, from specialist build to rent developer PLATFORM, is expected to start shortly with a projected completion of the first quarter of 2021.
The scheme, ranging from eight to 12 storeys, is on the former Browning Jones & Morris builder' merchants site at Dumballs Road close to Cardiff Central Railway Station.
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Planning for the scheme was secured by architectural firm Ayre Chamberlain Gaunt in another sign of growing developer and investor appetite for the build to rent market.
The near 150,000 sq ft scheme will include:
- 206 apartments.
- Communal dining facilities, a fitness centre and a bike club space.
- 6,700 sq ft of ground-floor retail space.
Each of the scheme's blocks will also have communal landscaped courtyards with roof terraces.
The size of the UK's build to rent market is estimated to reach £70bn by 2022.
Head of the residential development team at the Cardiff office of international property advisory firm Knight Frank, Leah Mullin, said“Developers have earmarked Cardiff as a new area for growth in the build to rent sector.
"So far, detailed plans have been granted for 206 units on the former Browning Jones and Morris site, while planning has also been granted for 305 units at the Interchange scheme at Central Square. IM Properties have also submitted an application for 307 apartments at Capital Quarter.
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"Plans are being drawn up for a further six schemes likely to be partial or entirely build to rent, which if approved could deliver more than 3,000 new homes over the coming decade.
“Those projects need to be delivered to meet the demand from the ever-expanding commercial market.”
