Associated British Ports and their subsidiary, Grosvenor Square Properties, have finalised a joint development agreement with the Cardiff Bay Development Corporation to develop 160 acres of land owned by ABP in Cardiff Bay.
The £500m development, adjoining ABP’s operational Roath and Queen Alexander Docks, is to include offices, tourism, a wide range of residential properties and some retail space.
The agreement with CBDC includes ABP contributing to infrastructure costs and sharing part of the eventual development profits with the CBDC.
CBDC chairman Geoffrey Inkin said: “The extent to which we can achieve early commitment to high-quality sites will, to a large extent, depend on the successful passage through Parliament this year of the Bill to construct a barrage across the Bay.”
To attract an expected £1.6bn to £2bm of investment — £250m will come from the public sector — the barrage is seen as essential to the scheme’s success, according to GSP chairman Paul Marber.
The corporation has faced some criticism from conservationist groups who are concerned over the loss of a Site of Special Scientific Interest and from residents in the local communities of Grangetown and Riverside who are concerned about the rise in the water table with the construction of the barrage and the impact of the scheme on land value.
