Legal & General announces that it has entered into a joint venture partnership with Cardiff-based developer, Rightacres, to deliver the Central Square-master-plan designed by Foster + Partners, one of the City of Cardiff Council's priority regeneration schemes. The prime 12-acre mixed-use city centre regeneration scheme is set to create over 10,000 local jobs and facilitate significant economic growth.
One of Wales' prime development sites, 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 first phase of the project includes the development of two buildings – the proposed 150,000 sq ft BBC Wales HQ and One Central Square, a 135,000 sq ft office development that is part pre-let to national law firm, Blake Morgan, and due for completion in January 2016. Further phases will include a mix of commercial and residential buildings.
Having committed £1.5bn to co-investing its core capital beyond London, into critical regional urban regeneration projects that support the UK growth, the deal is the second project to be delivered through L&G's Regeneration Investment Organisation (RIO) partnership. As such, it follows the news last month that L&G has backed a £400m (GDV) regeneration scheme in East Leeds which it will develop in partnership with Scarborough Group, delivering 13,000 local jobs while unlocking the potential creation of 7,000 new homes.