Yesterday’s announcement by Legal & General and Rightacres Property Ltd represents one of the largest property deals ever done in Wales.
This major commitment from Legal & General provides new impetus for the delivery of the Central Square regeneration scheme. The UK Pension Fund has agreed to provide a facility to fund the whole of the Central Square redevelopment including the proposed new BBC Headquarters building which is set to receive final approval to proceed in October.
Legal & General’s decision is a major vote of confidence in Rightacres, and the City of Cardiff, where they employ around 1100people. Whilst the investment deal stands on its own merits, Cardiff is now well known to Legal & General, and in an increasingly competitive regional investment market, their long standing links with the city have proven to be a significant factor.
The Central Square regeneration scheme is now progressing at pace. Building Number One is almost complete and work on the new BBC HQ is expected to begin in November. The Wood Street NCP car park is scheduled for demolition early in the new year and Marland House will be demolished shortly after existing leases expire at the end of March. Site preparation works for the new Interchange building will start immediately thereafter and a detailed planning application will be submitted in May, with a view to construction starting on site early in the autumn. Proposals are also progressing on Building Two, which will sit in between Building One and the BBC HQ, and the plan is to build it at the same time as the BBC HQ.