L&G pumps £400m into Cardiff Central Square scheme

Aaron Morby 7 years ago
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Ambitious plans to regenerate Cardiff’s central railway station area have received a major boost after Legal & General revealed it is investing £400m in the 1m sq ft scheme.

The prime 12-acre mixed-use city centre regeneration scheme known as Central Square was designed by Foster + Partners for Cardiff-based developer, Rightacres.

The deal struck between the property investment arm of L&G and developer Rightacres Property is the biggest property deal ever seen in Wales.

L&G gets stake in

BBC-Wales-new-HQ-2The proposed 150,000 sq ft BBC Wales HQ at the heart of Central Square, to be signed off by BBC executives before the end of this year

No 1 central squareThe close-to-completion 135,000 sq ft No 1 Central Square building

central-square-plot 2
Development plot for the planned No 2 Central Square office scheme

Cardiff interchange bus stationThe Interchange, bus station and transport hub, which includes 200,000 sq ft of new office space, a 150-bedroom hotel and 200 private residential apartments.

Chancellor of the Exchequer, George Osborne welcomed the regional property deal.

He 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 partnershi, is fantastic news for working people across Wales and will help transform Cardiff’s city centre creating 10,000 new jobs.”

L&G has committed £1.5bn to co-investing of its core capital beyond London. The deal is the second project to be delivered through L&G’s Regeneration Investment Organisation  partnership.

Last month L&G has backed a £400m  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.

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