Cardiff Central Quay
A 200,000 square metre mixed-use regeneration scheme adjacent to Cardiff’s Central station, in the heart of the capital city of Wales.
The reincarnation of the city’s iconic former brewery site, and the opening-up of a neglected waterfront to the River Taff, will create a sustainable new city quarter to live, work and play. 12 development plots on the site will be delivered over the next 3 to 5 years through a range of funding opportunities.
Location:
Cardiff
Investment type:
Capital investment - real estate
Sector:
(Greener buildings, Real estate, Residential, Mixed use, Offices, Retail, leisure & creative)
Project promoter:
Rightacres Property Company Ltd.
Scale:
£700 million
Time to Final Investment Decision (FID):
6-12 months
Sector and market opportunity
Central Quay is the only opportunity in Wales to invest, at scale, in a pre-approved and ready-to-start mixed use scheme.
A significant proportion of the scheme is in the residential build to rent (BTR) sector, with few competitors in Cardiff.
Other investment opportunities include a multi-storey car park to serve the adjacent mainline train station and office developments in the city’s premier business location, the Financial Services and Professional Enterprise Zone.
Location
Central Quay will be built around the former Brewhouse and its iconic chimney stack which has stood in the centre of the city for more than a century.
The area is immediately adjacent to Cardiff Central station and the successful Central Square regeneration scheme, another Rightacres project.
Central Quay will be focused on place-making to provide a new quarter for the city, a riverside setting within an urban edge.
Connectivity
Cardiff is the nearest European capital city to London at less than 2 hours by train.
Cardiff is Wales’ international, national and regional transport hub, fully connected by air (Cardiff airport), road (M4 motorway) or rail (Great Western Mainline).
Cardiff Central station, adjacent to Central Quay, is at the centre of public transport provision for the South Wales region and all major rail and bus services start or terminate here. A new £100 million Interchange transport scheme is due to be completed in 2022.
Local talent and skills
Cardiff is the economic engine of South Wales. The city’s main employers include Admiral Insurance, Legal & General, Lloyds Bank and British Gas.
The city has a growing reputation in tech innovation, encouraged and supported by government agencies.
Cardiff is also home to 4 internationally recognised universities with over 70,000 students, and a regional catchment area of over 1.5 million people.
Local and national government have headquarters in Cardiff.
Research and expertise
Rightacres is part of the Metro Central Delivery Partnership, created to improve and significantly increase the capacity of public transport and active travel around Cardiff Central station. This group includes the Welsh government, Cardiff Council, Network Rail and Cardiff Capital Region.
Further investment opportunities are likely to follow on from this co-ordinated approach.
Region Spotlight
Wales
Wales has a talented workforce and strong research and development facilities. It’s producing technology for the future in advanced manufacturing, life sciences, clean tech and digital sectors. More than 1,395 foreign-owned companies are operating in Wales, including Toyota, Siemens Healthineers GE, Sony and Airbus.
Further details
Cardiff Capital Region is a public sector sponsored organisation, formed by the 10 local authorities making up the South East Wales region.
Collectively they have secured £750 million of central government ‘City Deal’ investment into the region. About £45 million of this has been allocated to the improvement plans for Cardiff Central Station.
Environmental, social and governance (ESG) highlights
Central Quay is highly compliant with Welsh government Net Zero Carbon (NZC) policies, aided by its location and former industrial use.
It scores highly in BREEAM ratings, with all developments targeted to achieve ‘Excellent’ or better.
There is a strong focus on energy efficiency, for example making use of the city’s planned heat network system, and sustainable drainage.
There are also opportunities to deliver both embodied and operational NZC developments in future phases.
Promoters and partnerships
Rightacres is a Cardiff-based family business with a 50 year track record of delivering commercial and residential buildings in and around the city.
Its projects include the successful Central Square regeneration scheme, comprising over 1 million square feet of commercial development. It’s currently working with the Welsh Rugby Union to deliver its first hotel, connected to the Principality Stadium.
Rightacres promotes the use of local consultants, contractors, labour, materials, and supply chains, wherever possible.
Local and national government support
The Welsh government, Cardiff County Council and the Cardiff Capital Region have provided a variety of grants and financial support packages. These are focused on new employment, but also related to development – place-making and town improvement initiatives.
Rightacres is currently working with Cardiff Capital Region and Cardiff Council to secure short-term development finance for specific parts of the phase 1 development.
