Project Monitoring

TFT to monitor The Interchange, Cardiff, as the Welsh capital continues to transform

Photo Credit: HMA Architects

TFT has been appointed by Legal & General Capital Investments Ltd to undertake technical due diligence (TDD) for the acquisition and subsequent project monitoring for the development of The Interchange, Cardiff.

The Interchange is part of Central Square, Cardiff, a new live and creative business district built around the principal transport hubs (train, bus and future metro) and incorporating sustainable cycle highway connections to the rest of the city.

The instruction will span over a 3-year period and is the latest element of the city’s largest redevelopment scheme. TFT Partner John Newton will monitor the project following his involvement in Plots 6 & 7. Interchange is one of the final phases of the scheme and will comprise Wales’ biggest build to rent scheme, 84,000 sq ft of grade A offices, as well as a new and upgraded central bus station.

TFT’s continued involvement on Central Square, will enable best practice to be adopted on these latest works, to ensure the project achieves the investor’s time, cost and quality goals.

Development is underway at The Interchange (Photo credit: TFT, July 2019)

The scheme paves the way for economic and social growth in the Welsh capital, responding to the growing population’s demand for more private rented schemes and government calls to make housing more affordable.

The bus station, a 14-bay interchange with a concourse, is set to be operating at the end of 2022. The scheme will significantly improve passenger experience and efficiency in and out of the city centre as well as simplifying the travel to and from the new offices for visiting and permanent staff.

In response to the appointment, John said:

This fantastic development ticks all the right boxes incorporating Wales’ largest buy-to-rent scheme, creating new jobs via its office/retail elements and providing Cardiff with its new eagerly anticipated central bus station. The scheme’s developers – Rightacres Property Co Ltd – have worked tirelessly with Cardiff City Council to assemble the site and instigate development preparations. Now, together with the essential funding of Legal and General, they are ready to make things happen.

The Central Square development has created an impetus to redevelop the nearby old Brains brewery site and extended land into a large mixed-use scheme by the same developer. If plans come to light, the two schemes will transform the central area of Cardiff, enhancing its reputation as one of the fastest expanding capital cities in Europe, and improving its capability of attracting prime inward investment.

Scottish property: foundations for growth

2019 promises exciting developments for Scotland’s property market, off the back of multiple findings suggesting the region’s potential for investment and development.

Scottish property outperformed its five-year average in 2018, as commercial investment reached £2.5bn thanks to increased involvement by some big UK funds and continued high interest by overseas investors. Mid-year, Scotland was found to be the best performing market in the UK, growing by 5.6% compared to Wales’ 4.4% and England’s 3.7% growth over the same period.

The upshot of increased investment is a set of development projects which look to usher in a new era for Scottish urban life. Cultural centres, retail units and residential property are all springing up to meet a demand for a higher standard of amenities in the region. This is especially true for major centres like Edinburgh, in which ambition and performance of building projects currently underway could set a precedent for future development around the country.

Two years of progress on the TFT monitored Edinburgh St James development

The highest profile of these is the Edinburgh St James redevelopment. Located in the heart of Scotland’s capital, between Calton Hill and St Andrew Square, the project has an opportunity to combine culture and commerce for the benefit of occupants and visitors, driving the long-term success of owners and investors.

The scheme comprises a world-class retail, leisure, hotel and residential offer, including Scotland’s first W Hotel, first boutique Everyman Cinema, a flagship John Lewis department store and 150 apartments offering unrivalled amenities and views across the city.

TFT’s role as Project Monitors on Edinburgh St James is to ensure the planning, design and construction of the development proceeds by resolving challenges at an early stage and by protecting the budget and timescale of the work. In major works like this, that role is crucial given extensive excavation and replacement of existing infrastructure in and around the site, and working around an open department store – John Lewis – without disruption.

And it’s not just retail, leisure and residential sites which are pointing towards growth. TFT’s Edinburgh office is working on a combined 376,705 square feet of major office schemes on behalf of Legal and General in in Edinburgh and Glasgow.

The skills to navigate these challenges will only be more in demand as development continues around Scotland – whether it’s in a busy city centre, redeveloping older sites, or breaking ground in a new site, careful management of the project will be crucial to maximising its success.

On a recent site visit, we saw the major changes afoot, and the new St James centre taking shape. With Scotland’s national growth also looking strong for the future, we’re excited to guide subsequent works that drive its success.