Watkin Jones has reached practical completion on the second and final phase of Tai Afon, a 718-home build-to-rent development in Cardiff occupying part of the former Brains Brewery site. The milestone finalises Wales' largest BTR scheme and concludes the first phase of Rightacres' Central Quay regeneration masterplan.
The second phase delivers 316 apartments, following the completion of the first 402-home phase earlier this year. Forward-funded by L&G at a cost of around £200m, the project brings L&G's total investment in Cardiff to more than £1bn.
Situated next to Cardiff Central Station and within walking distance of Principality Stadium, Tai Afon comprises studios and one-, two-, and three-bedroom apartments. Resident amenities include co-working facilities, private dining spaces, a podcast studio, a cinema, yoga and spin studios, a gym, lounges, and roof terraces.
The completed public realm adds a new square overlooking the River Taff, 650 sq m of water gardens with aquatic lighting, a bridge with feature lighting, outdoor decking, and landscaping with native tree and shrub planting. The scheme also incorporates more than 1,810 sq m of active ground-floor commercial space, accommodating retail, food and beverage, and health and wellbeing operators.
Tai Afon forms part of L&G's BTR portfolio, through which the investor has deployed £4bn across 12 UK cities. The strategy channels long-term institutional capital into rental housing in areas of high demand.
"Delivering a development of this scale, marking the completion of Wales' most significant BTR development, comprising 718 homes and substantial new public realm, demonstrates Watkin Jones' ability to deliver complex residential for rent projects in partnership with leading institutional investors," said Gwyn Pritchard, managing director of Watkin Jones.
"Tai Afon is expected to play a significant role in shaping Cardiff's future as a destination to live, work and invest, reflecting the strength of our offering, the expertise of our teams and the collaborative approach taken by all partners involved.
"The scheme further strengthens our track record of delivering residential for rent communities that generate long-term value for investors, residents and the cities in which we operate. As demand for high-quality rental housing continues to grow, developments such as Tai Afon demonstrate the important role the sector can play in supporting regeneration and housing delivery across the UK."
Adam Burney, head of BTR and PBSA, asset management at L&G, noted: "Completion of the second phase of Tai Afon represents another milestone in L&G's investment in Cardiff. With over £1bn invested in the city to date, we are proud to play a key role in the continued progression of this world class city, providing high-quality rental homes and contributing to the economic growth of the Cardiff region.
"The first phase of Tai Afon has been well received by our new residents, and we look forward to welcoming more people to the Tai Afon community in the second phase, along with commercial occupiers who will provide retail, food and beverage and health and wellbeing services to the wider community."
