The news comes as private rental homes giant Grainger agreed to forward fund and acquire the PRS scheme which is being developed by IM Properties.

The tower will include 307 private rental homes offering a range of amenities for residents including a rooftop lounge and terrace. 

Helen Gordon, Chief Executive of Grainger, said: “We are pleased today to announce this £57m investment to deliver 307 new, high quality, purpose built rental homes in Cardiff, supporting growth in the region, building on our existing portfolio in the South West and leveraging our operational platform.”

Iain McArthur, Director Residential Capital Markets at IM Properties, said: “This scheme will set a new benchmark for residential rental property in Cardiff and is the first of a number of high-quality PRS sites our in-house project team is delivering, working alongside our residential and strategic land operations to maximise our existing £1 billion portfolio.”