Plans for a £150m waterfront residential scheme in the centre of Cardiff with more than 700 apartments, can be revealed.
Cardiff-based property development firm Rightacres has launched a public consultation for the ambitious project which forms part of its wider mixed-use Central Quay regeneration development at the former Brains brewery and offices site immediate at the back of Cardiff Central Station.
The 715 apartments has attracted strong interest from a number of institutional investors as a buil- to-rent scheme - with apartments rented and providing a secure income stream for long-term funders.
Central Quay could also see a new pedestrian bridge across the River Taff into the Grangetown area of the capital.
With a phased development of four apartment blocks, subject to planning, the project would take three years to complete at the heart of 500,000 sq ft Central Quay scheme, where there are also plans for new office, bar, restaurant and retail space running alongside the river.
It is envisaged that the tallest block would have 29 storeys.
Demolition of the former Brains site is now complete with Rightacres having already secured planning consent for two new office buildings totalling 200,000 sq ft, including at the historic Brewhouse building, and a multi-storey car park.
Rightacres hopes to submit a formal application for the apartments once the consultation has ended and comments and suggestions assessed.
The apartments will benefit from good public transport links by being just yards away from Cardiff Central Train Station and a new bus station at Rightacres’ latest development at its established Central Square scheme immediately south of the train station. As well as a new bus station, operated by Transport for Wales, the under construction Interchange project at Central Square will also provide a new 120,000 sq ft HQ for financial services firm L&G in the city and more than 300 build-to- rent apartments for L&G’s Build to Rent Fund.
Rightacres’ chief executive, Paul McCarthy said: “The demand from institutional investors for residential developments on this scale is unprecedented and Central Quay’s proximity to Cardiff’s central transport hub, city centre and waterfront presents a unique opportunity for investors and operators in the build-to-rent market to offer very highest quality residential accommodation to their prospective tenants.”
Commenting on escalating construction costs Mr McCarthy added: “With the current inflationary market conditions the planning application is only the first step of many. Starting actual construction will depend upon building costs stabilising in the next 12 months.”
The apartment scheme has been designed by Cardiff-based Rio Architects, with structural engineers Arup, mechanical engineers McCanns and Lichfields acting as planning consultants.
