Watkin Jones, the UK's leading developer and manager of residential for rent, is pleased to announce that the Group has recently topped out on a 718 apartment Build to Rent (‘BTR’) development, Tai Afon, which forms part of the wider Central Quay masterplan in Cardiff. This commemorative event signals that the concrete framework is now complete. This was a significant milestone for everyone involved, including Watkin Jones, Legal & General (L&G), and the subcontractors.
Forward funded by L&G, one of the UK's leading financial services groups and a major global investor, Tai Afon will offer a range of studio, one, two and three-bedroom apartments, as well as a concierge service, private dining, cinema, yoga and spin studios and gym, plus roof terraces. Additionally, the development will include a public square overlooking the River Taff, complemented by over 19,500 sq. ft. of retail space.
The £200 million investment into the Central Quay development is a part of the wider £1 billion regeneration project in the Welsh capital and is helping to address the growing demand for rental housing in Cardiff. The scheme is situated near the Principality Stadium, in a prominent location less than a five-minute walk from Cardiff train station and the city centre. Cardiff offers excellent transport options to the south west of England with Bristol and Bath a short journey away and an easy commute to London.
This project aligns with the environmental, social, and governance (ESG) aims of both Watkin Jones and L&G. It will meet BREAAM and Home Quality Mark standards and incorporate roof-mounted photovoltaic panels along with energy-efficient air source heat pumps for electricity and hot water generation, reaffirming our joint commitment to sustainable living.
Gwyn Pritchard, Managing Director – Construction, Watkin Jones, said: "We are delighted to announce that we have successfully topped out at Tai Afon, at Central Quay. This celebratory event marks the significant progress that has been made on this development since we broke ground back in March 2023, and it could not have been done without the dedication and efficiency of our hard working construction team. Reaching this milestone is also testament to our commitment to delivering high-quality, sustainable homes in the Welsh capital, a city that continues to be one of the UK’s leading locations to work, live and play.
“This achievement not only marks a significant step forward for our project but also for the wider Central Quay regeneration, contributing to the future of Cardiff and we are delighted in the role Watkin Jones plays alongside L&G."
Dan Batterton, Head of Residential, LGIM, commented: “We are thrilled to see Tai Afon reaching its next milestone and to experience the great amount of momentum behind the build. The city of Cardiff is extremely important to Legal & General with this scheme playing a key part in its regeneration. We look forward to the next stage and would like to thank our partners Watkin Jones for their continued support.”
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Media enquiries:
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Buchanan (Watkin Jones) |
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Henry Harrison-Topham / Jamie Hooper |
Tel: +44 (0) 20 7466 5000 |
Notes to Editors
Watkin Jones is the UK's leading developer and manager of residential for rent, with a focus on the build to rent, student accommodation and affordable housing sectors. The Group has strong relationships with institutional investors, and a reputation for successful, on-time-delivery of high-quality developments. Since 1999, Watkin Jones has delivered 48,000 student beds across 143 sites, making it a key player and leader in the UK purpose-built student accommodation market, and is increasingly expanding its operations into the build to rent sector. In addition, Fresh, the Group's specialist accommodation management business, manages over 16,940 student beds and build to rent apartments on behalf of its institutional clients. Watkin Jones has also been responsible for over 80 residential developments, ranging from starter homes to executive housing and apartments.
The Group's competitive advantage lies in its experienced management team and capital-light business model, which enables it to offer an end-to-end solution for investors, delivered entirely in-house with minimal reliance on third parties, across the entire life cycle of an asset.
Watkin Jones was admitted to trading on AIM in March 2016 with the ticker WJG.L. For additional information please visit www.watkinjonesplc.com
L&G Asset Management
L&G’s Asset Management division is one of Europe’s largest and a major global investor across public and private markets, with £1.2 trillion in assets under management.1
The division combines deep expertise in asset management and origination with global distribution capabilities to deliver positive outcomes for our clients, which include individual savers, pension scheme members and global institutions, investing alongside L&G’s own balance sheet. As a global investor, we are present where our clients need us – from Hong Kong and Singapore, to major European financial hubs, to Chicago – operating under the Legal & General and LGIM brands.
We provide investment solutions across the full spectrum of asset classes, ranging from index-tracking and active funds to liquidity and liability-based risk management strategies. Through our private markets platform, we utilise our rich heritage and extensive network of partners to offer access to a wide range of purposeful alternative investment opportunities, including specialist real estate, clean energy, infrastructure, venture capital, unlisted equities and private credit. Our division is underpinned by our enduring commitment to responsible investment, dedicated to creating long-term, sustainable value for our clients and partners.
1 Data as of 31 December 2023.