Legal & General have entered into a joint venture partnership with Cardiff-based developer, Rightacres, which will see the Central Square masterplan delivered to the city.
Designed by Foster + Partners, Central Square is one of City of Cardiff Council’s priority regeneration schemes, which will see a prime 12 acre site in the city centre regenerated. It is estimated that some 10,000 local jobs will be created and it will generate significant economic growth
The City of Cardiff Council and Rightacres entered in to a Development Agreement in 2013 to deliver the Central Square Masterplan. At the centre of the development is the proposed new BBC Wales HQ which has been designed by Foster + Partners. Rightacres was selected as the preferred developer for the BBC in June 2014 and planning was granted in April 2015.
Work is expected to start on Phase I later this year, with One Central Square, a 135,00sq ft office development that is part pre-let to national law firm, Blake Morgan, due for completion in Jan 2016, as well as the 150,000 sq ft BBC Wales HQ builidng.
Located immediately to the north of Cardiff’s central train station, the regeneration of Central Square will comprise one million sq ft of space in the heart of Cardiff city centre and is expected to become the focal point of the city’s Enterprise Zone.
The Council is also working with Rightacres to develop a new transport Interchange as part of the regeneration scheme.
Chancellor of the Exchequer, George Osborne, said: “Today we see a major vote of confidence in the Welsh economy with a new partnership between Legal & General and Rightacres. The £400M regeneration project which will be delivered through this partnership is fantastic news for working people across Wales and will help transform Cardiff’s city centre creating 10,000 new jobs.”
Laura Mason, Director of Direct Investment at Legal & General Capital, commented: “Cardiff has been hugely successful in establishing itself as real player in the inward investment arena and Central Square represents the most exciting regeneration scheme due to come forward in Wales. Located in a prime city centre location, it is set to deliver major social and economic benefits, and proves the model for the public and private sectors working together in order to unlock real UK growth. We look forward to working closely with our new development partners and Cardiff City Council to deliver this major project and attract further investment to the area.”
Paul McCarthy, Chief Executive of Rightacres, said: “Having a funding partner like Legal & General alongside us in Central Square will maintain the momentum we have been building around the scheme. L&G has a real understanding of the Cardiff market and they have demonstrated to us that they are able to react quickly to our proposals which will allow us to deliver the Central Square Masterplan over the next few years.”
The First Minister, Carwyn Jones AM, said: “I’m delighted to see another significant investment in the heart of our Central Cardiff Enterprise Zone. It accords with the line of travel envisioned by the Financial & Professional Services sector for the Enterprise Zone and more widely for the Cardiff Capital Region.”
The post £400M boost for Cardiff Central Square regeneration appeared first on UK Construction Online.
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