By Zoe Kramer | Head of News
New plans have been revealed for the Brains Brewery site in Cardiff to be converted into over 700 waterfront apartments.
The £150 million development would consist of four apartment blocks in the apartment complex as well as office, bar, restaurant and retail space located south of Cardiff Central Station. With links with the train station as well as a new bus station operated by Transport for Wales, the location will be ideal for transport. A pedestrian bridge across the Taff into Grangetown could also be included in the regeneration of the area.
According to development firm Rightacres, “The unique waterfront location is the ideal setting in which to create a blend of lifestyle, entertainment and nature. There will be 1,000 distinctive riverfront residences in what will be Cardiff’s most spectacular waterfront district. Residents will be drawn to this unique new neighbourhood designed to bring urban life into balance with the natural world.”
Demolition on the Brains Brewery site is complete, and Rightacres has begun a public consultation as well as attained planning consent for two of the office buildings and a car park. As plans stand, the tallest of the buildings would have 29 storeys.
Paul McCarthy, Rightacres’ chief executive, told Business Live: “The demand from institutional investors for residential developments on this scale is unprecedented and Central Quay’s proximity to Cardiff’s central transport hub, city centre and waterfront presents a unique opportunity for investors and operators in the build-to-rent market to offer very high quality residential accommodation to their prospective tenants.”
However, the bureaucratic barrier is not the only obstacle to the development for the apartment complex moving forward. The apartments are also costly, and their construction is contingent on a balanced budget. “With the current inflationary market conditions the planning application is only the first step of many. Starting actual construction will depend upon building costs stabilising in the next 12 months,” McCarthy said.
Once the consultation has ended, Rightacres plans to submit a formal application for the apartments. Depending on how the planning process moves forward, the development will take an estimated three years to complete.