Legal & General has announced a joint venture partnership with Cardiff-based developer Rightacres to deliver the Central Square redevelopment in Cardiff.
The project is the second to be delivered through L&G’s Regeneration Investment Organisation partnership, which has committed £1.5bn to co-investing in regeneration sites outside of London.
Immediately to the north of Cardiff’s central train station, the 12-acre mixed-use Central Square regeneration will comprise 1m sq ft of space and create more than 10,000 jobs.
Phase one includes the proposed 150,000 sq ft BBC Wales HQ and One Central Square, a 135,000 sq ft office development that is prelet in part to law firm Blake Morgan.
The phase is due for completion in January 2016. Further phases will include a mix of commercial and residential buildings. Foster+Partners designed the masterplan.
Chancellor 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 that 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 jobs.”
L&G said is seeking to secure the viability of socially and economically important UK schemes while working with UKTI and leveraging contacts to attract up to £15bn of investment in RIO pipeline projects.
Last month that L&G backed a £400m regeneration scheme in east Leeds which it will develop in partnership with Scarborough Group. The scheme has the potential to create 7,000 homes.
Laura Mason, director of direct investment at Legal & General Capital, said: “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.”
Knight Frank’s Cardiff office acted for L&G.
