A giant £57m tower set to join Cardiff's growing skyline has moved a step closer.
The massive development at Capital Quarter will see a 307 apartments built in the centre of the capital.
Plans for the tower on Tyndall Street were first revealed in October 2018, but now the UK's largest provider of private rental homes has agreed to fund and acquire the development.
Alongside the private rental homes, the scheme will also deliver a range of amenities for residents including a rooftop lounge and a terrace.
The 23-storey block is expected to be completed by mid-2022.
The Capital Quarter development has outline planning permission for more than one million square feet of development including offices, hotels and housing across 10 acres.
Grainger, the the UK’s largest listed provider of private rental homes, announced on Thursday they are forward funding and acquiring the development.
Grainger chief executive Helen Gordon said: "We are pleased today to announce this £57m investment to deliver 307 new, high quality,
purpose built rental homes in Cardiff, supporting growth in the region, building on our existing portfolio in the South West and leveraging our operational platform."
IM Properties, one of the UK’s largest privately-owned property companies, is the developer of the scheme and Winvic Construction Ltd is the contractor.
Director residential capital markets at IM Properties, Iain McArthur, said the development will "set the benchmark" for residential rental property in the capital.
The wider development is being driven by Cardiff-based property development firm JR Smart.
Grainger said that Cardiff has a "limited amount" of purpose-built build to rent housing.
They also hinted that the development will look to exploit the growing number of jobs being creating in the centre of Cardiff, including the BBC offices and new HQ for HMRC at the Central Square office development alongside growing demand for city centre living.
The Capital Quarter is already home to more than 1,000 staff.
Other tenants at Capital Quarter, at its No 1 and 2 Capital Quarter office schemes, include Network Rail, Opus Energy, the Home Office and the Development Bank of Wales.
