Central Square Plot 5

Now the bus interchange is on its last few weeks till completion. What's taking plot 5 so long to get started. It was approved and knights and legal and general seemed to be on board. I'm confused as to why we're not seeing the last plot take shape considering the entire district is near enough finished.

Now the bus interchange is on its last few weeks till completion. What's taking plot 5 so long to get started. It was approved and knights and legal and general seemed to be on board. I'm confused as to why we're not seeing the last plot take shape considering the entire district is near enough finished.

Probably a lack of interest in someome wanting the plot to run the apartments maybe? There are a few schemes underway in the city already for build to rent as well.

Yeah I think you're right. I'm hoping they're just waiting for labour and equipment to free up and this isn't dead in the water

Presumably they have to sell it before they can build it...
https://www.insidermedia.com/news/wales ... in-cardiff

I watched the planning committee discuss this and the Officers expressed concerns about the minimal communal areas for residents provided in this one, especially compared to others recently built or being built. I do wonder if they will need to address this before construction - why would someone rent one of these when there are so many others being built with much better communal areas. Would put me off as an Investor.

Yeah I think you're right. I'm hoping they're just waiting for labour and equipment to free up and this isn't dead in the water

I don't think it's construction resource related at all but just investment like Owen has said, and that article he linked suggests that.

Rightacres don't seem to own any of the buildings they've constructed at Central Square plus they've had L&G forward fund most of it and then own those buildings for a while. The residential towers going up at Central Quay are funded by L&G for Watkin Jones, for example, and L&G own the apartments above the bus station next to their offices. Maybe they have enough going on in the city for now so it needs an alternative investor. I work there so if I hear anything I'll post an update.

Don't forget there's also the tower going up currently just off Dumballs Road as well as one at Guilford Crescent. Is there enough demand for all these build to rent apartments in the city centre? I haven't got a clue but I'm curious of how many more schemes are viable. There's also this at our old offices https://www.business-live.co.uk/commercial-property/cardiff-office-building-being-turned-29067058.

Personally I would have loved this tower to be mixed use, maybe with some serviced apartments, a hotel and regular apartments to add a bit of variety. It's a great spot for another hotel right next to the stadium. I would also have preferred this to go up before starting on Central Quay so the whole thing was finished.

Hopefully we'll get some news this year so it can go up!

Completely agree with the above. I’ll be honest that I haven’t extensively investigated this, but it seemed like the apartments at Wood Street (Bus station tower) weren’t renting super quickly and that there were still quite a few on the market a couple of months ago (haven’t checked recently).
We definitely want some apartments for sale as well as BTR, I’m surprised that there are as so many going up at the moment let alone building another one.
Is there any planning condition saying that it would need to be built for BTR or could they instead be put up for sale once it is built?

Completely agree with the above. I’ll be honest that I haven’t extensively investigated this, but it seemed like the apartments at Wood Street (Bus station tower) weren’t renting super quickly and that there were still quite a few on the market a couple of months ago (haven’t checked recently).
We definitely want some apartments for sale as well as BTR, I’m surprised that there are as so many going up at the moment let alone building another one.
Is there any planning condition saying that it would need to be built for BTR or could they instead be put up for sale once it is built?

Anything given permission as BTR must remain BTR for a minimum of 15 years. Any affordable properties must remain as such, if the building is converted to some other function then the developer is required to fund replacement affordable homes.
How this will work in practice is anyone's guess as the first ones in the UK were in Stratford for the 2012 games I think, a few years to go yet. There are some get out clauses apparently but not been tested.

I assume that a variation of the planning permission could be applied for prior to work commencing.

There do seem to be a lot of BTR developments including Copper Works, Guildford Crescent and parts of Central Quay.

I missed this off my list

https://www.insidermedia.com/news/wales/former-cardiff-bar-demolition-lined-up-for-summer

A fair point was raised above, why do they all have to be BTR, surely there's some demand for at least one of these towers to be for individual buyers?

From my experience most people who live in these type flats rent from a landlord so why not rent direct from the company that manages them. You also get more protection as some landlords can be a pain. There is also a big move away from people wanted to buy leaseholds as you effectively are buying nothing.