Interchange, Cardiff (Build to Rent)
Legal and General Capital Investments Ltd
Cardiff’s new Transport Interchange: a mixed-use scheme of 318 build to rent apartments, a new central bus station, a 249-space car park and 120,000sq ft of offices is well underway and being delivered on a COVID-19 safe site. The Transport Interchange is part of the larger Central Square development scheme providing over 1m sq ft of mixed-use property forming a new commercial business district adjacent to Cardiff Mainline Station.
TFT’s Project Monitoring team were appointed to monitor the scheme on behalf of Legal and General Capital Investments Ltd, who are forward funding the design and construction of the buildings and will eventually acquire the long-leasehold interest. The appointment followed TFT’s successful Fund Monitoring on a portfolio of 10 new flagship office buildings constructed for HMRC occupancy on behalf of an L&G Fund.
In connection with the BTR element specifically, it has been TFT’s role to ensure that the build quality meets Legal & General’s environmental impact requirements, Urban Land Institute Build to Rent Best Practice Guide, and Secure by Design standards. As the BTR Fund will be operating the building, the quality and longevity of fit-out materials is key. We are specifically tracking and quality monitoring the delivery of the internal finishes to ensure that they meet the exacting requirements of Legal & General’s development brief for build to rent projects.
The offices and bus station elements are to be designed to achieve BREEAM ‘Excellent’ status and an upper quartile EPC rating. Residential elements are to be in line with ULI Build to Rent/Secure by Design standards together with L&G Development Brief for Build to Rent projects.
TFT is positioned to ensure that the developer delivers the project on programme, to agreed costs and to the requisite quality to satisfy both the lease agreement obligations and the rigorous standards required of a major Institutional Fund.
Get in touch with John Newton, TFT Partner and Head of TFT’s Cardiff office to find out more about the project.