Imagery courtesy of L&G
Highlights:
- Practical completion achieved at the second and final phase of Tai Afon at Central Quay, Cardiff, completing the wider development – Wales’ largest BTR scheme
- Landmark 718-home BTR development now fully delivered on behalf of L&G
- Represents a c.£200 million investment and a major milestone in Cardiff’s £1 billion Central Quay regeneration
- Showcases Watkin Jones’ ability to deliver large-scale residential communities for leading institutional investors
Watkin Jones, the UK's leading developer and manager of residential for rent, is pleased to announce the practical completion of the second and final phase of Tai Afon, Cardiff. The milestone marks the completion of a new 718-home Build To Rent (‘BTR’) residential community alongside public realm improvements, as part of the wider regeneration of the former Brains Brewery site.
Forward funded by L&G, the c. £200 million development is the latest investment in Cardiff by L&G, bringing the investor’s total investment in the city to £1 billion, reinforcing the continued growth of institutionally backed rental housing and regeneration across the UK.
The completion of the second phase of 316 apartments follows the successful delivery of the first 402-home phase, delivered earlier this year, and marks the completion of Wales’ most significant BTR developments. Together, the two residential developments complete the first phase of Rightacres’ Central Quay regeneration of the former Brains Brewery site and transforming it into a vibrant new mixed-use neighbourhood, bringing high quality professionally managed rental homes to the centre of the Welsh capital, supporting long term-economic growth in the area.
Located adjacent to Cardiff Central Station and within walking distance of the city centre and Principality Stadium, Tai Afon occupies a highly prominent location within the wider Central Quay masterplan. It comprises 718 homes in total, including a mix of studios as well as one, two and three-bedroomed apartments.
Tai Afon will form part of L&G’s growing BTR portfolio, reflecting L&G’s wider strategy of using long-term institutional capital to support new rental housing in areas of strong demand. L&G has deployed £4bn through its BTR strategy across 12 UK cities, helping to expand housing choice and support urban growth.
Residents will benefit from a wide range of amenities, including a co-working facilities, private dining spaces, a podcast studio, cinema, yoga and spin studios, a gym, residents’ lounges and roof terraces.
Complementing the residential offering, the completed public realm includes a new public square overlooking the River Taff, alongside 650m² of filtered water gardens featuring aquatic lighting, a bridge with feature lighting, outside decking areas and enhanced landscaping with extensive native tree and shrub planting. Together with more than 1,810m². of active ground floor commercial space, these elements create a new destination for both residents and the wider Cardiff community.
Working in partnership with L&G, and masterplan developer Rightacres, throughout the development lifecycle, Watkin Jones has successfully delivered this large-scale residential for rent community, demonstrating the strength of the Group's development and delivery platform as well as its ability to create long-term value for institutional investors, residents and local communities alike.
Gwyn Pritchard, Managing Director, Watkin Jones, said:
“Delivering a development of this scale, marking the completion of Wales’ most significant BTR development, comprising 718 homes and substantial new public realm, demonstrates Watkin Jones' ability to deliver complex residential for rent projects in partnership with leading institutional investors. Tai Afon is expected to play a significant role in shaping Cardiff's future as a destination to live, work and invest, reflecting the strength of our offering, the expertise of our teams and the collaborative approach taken by all partners involved.
“The scheme further strengthens our track record of delivering residential for rent communities that generate long-term value for investors, residents and the cities in which we operate. As demand for high-quality rental housing continues to grow, developments such as Tai Afon demonstrate the important role the sector can play in supporting regeneration and housing delivery across the UK.”
Adam Burney, Head BTR and PBSA, Asset Management, L&G, commented:
“Completion of the second phase of Tai Afon represents another milestone in L&G’s investment in Cardiff. With over £1bn invested in the city to date, we are proud to play a key role in the continued progression of this world class city, providing high-quality rental homes and contributing to the economic growth of the Cardiff region.
“The first phase of Tai Afon has been well received by our new residents, and we look forward to welcoming more people to the Tai Afon community in the second phase, along with commercial occupiers who will provide retail, food and beverage and health and wellbeing services to the wider community”
Notes to Editors
About Watkin Jones
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 21,000 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
About L&G
Established in 1836, L&G is one of the UK's leading financial services groups and a major global investor, with £1.2 trillion in total assets under management (as at HY26) of which c. 44% (c. £0.5 trillion) is international. We have a highly synergistic business model, which continues to drive strong returns. We are a leading player in Institutional Retirement, in Retail Retirement and Protection solutions, and in Asset Management through both public and private markets. Across the Group, we are committed to responsible investing and dedicated to serving the long-term savings and investment needs of customers and society.