A joint venture led by Legal & General and Rightacres seeks to create 10,000 jobs through the £400m One Central Square development in Cardiff. 

Legal & General (L&G) has formed a joint venture with Cardiff-based developer, Rightacres, to deliver the city’s £400m Foster + Partners-designed Central Square masterplan.

The 12-acre site is part of Cardiff Council’s regeneration scheme and is set to create 10,000 jobs. The first phase of the project will see the 150,000 sq ft BBC Wales HQ and a 135,000 sq ft office development – One Central Square – built with completion scheduled for January 2016.

Further phases will include a mix of commercial and residential buildings.

The deal is the second to be delivered through L&G’s Regeneration Investment Organisation (RIO) partnership, which focuses on investing outside of London. L&G previously invested in a £400m regeneration scheme in East Leeds which it will develop in partnership with Scarborough Group.

Chancellor George Osborne said:  “Today we see a major vote of confidence in the Welsh economy with a new partnership between L&G and Rightacres. The £400m regeneration project which will be delivered through this partnership is fantastic news for working people across Wales and will help transform Cardiff’s city centre creating 10,000 new jobs.”

Phil Bale, leader of Cardiff City Council, commented:  “Cardiff has a long established relationship with L&G, as one of the Cardiff capital region’s major employers, and this latest news represents an exciting new chapter which clearly demonstrates their confidence in the region. Central Square is a major priority for the Council which will create a fabulous gateway to Cardiff and the rest of Wales.”

Laura Mason, Director of Direct Investment at Legal & General Capital, commented: “Cardiff has been hugely successful in establishing itself as real player in the inward investment arena and Central Square represents the most exciting regeneration scheme due to come forward in Wales. 

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