A contract between Legal & General and Watkin Jones commits an additional £200 million to Cardiff for the construction of 714 build-to-rent apartments at the former Brains Brewery site in Central Quay, which is prominently located next to Cardiff Train Station.
The project for the 714 build-to-rent apartments in Central Quay will comprise a variety of studios. These include one, two, and three-bedroom apartments. The project will also have amenities including a gym, gardens, and terraces. Additionally, it will have 19,500 square feet of recreational and retail space. Construction on Central Quay will begin this winter. This will be Legal & General’s third deal with residential rental expert Watkin Jones in the previous 18 months.
Legal & General has invested £900 million in seven new BTR projects since the beginning of 2021. Currently, two transactions have been completed in London and committing to other initiatives in Southampton, Birmingham, Glasgow, and Hove. With more than 2,500 apartments already occupied and more than 6,000 more being built, Legal & General currently operates 20 sites across a dozen cities in the country.
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The 714 build-to-rent apartments in Central Quay
“Legal & General has contributed partnership models, experience, and finance to encourage mixed-use redevelopment. This has been for the past ten years, long before the ‘leveling up’ was coined,” said Tom Roberts, Head of Strategic Investment at LGIM Real Assets.
“Our £1 billion Real Assets investment in Cardiff demonstrates the potential of persistent investment. We have rebuilt Cardiff Central Square not only changing people’s initial views of the city but reshaping Cardiff for the long-term. The project partners are Rightacres Property, Cardiff Council, and the Welsh government.”
“We are thrilled to be working with Legal & General on the build-to-rent apartments at the former Brains Brewery site in Central Quay. It is yet another project we are working on together, said Alex Pease, chief investment officer at Watkin Jones. The projects will build beautiful homes, and serve as a catalyst for the regeneration of the neighborhood. Furthermore, it will enhance people’s quality of life.
