Planning for a large scheme of more than 200 apartments that will be built specifically for the rental market has been given the go-ahead in the centre of Cardiff.
The scheme was secured by architectural firm Ayre Chamberlain Gaunt and shows a clear sign of growing developer and investor interest within the city of Cardiff as well as the build to rent market.
Specialist build to rent developer PLATFORM_ expect to begin work on the £25m project shortly, with a projected completion within the first quarter of 2021.
The scheme is to be built on the former Browning Jones & Morris builder’ merchants site on Dumballs Road, conveniently located close to Cardiff Central Railway Station - which is currently in the middle of redevelopment discussions of its own. The apartment blocks within the new construction will range from eight to twelve storeys, and the architects describe the design as “a family of contemporary warehouses” to reflect the site’s industrial heritage.
The near 150,000 sq ft build to rent scheme is set to include:
The design also ensures that each apartment block will also offer its own outdoor space with communal landscaped roof terraces.
The interest in these types of schemes has been so great that industry professionals estimate the UK’s build to rent market will be worth around £70bn by 2022, with many more build to rent apartment schemes expected to be constructed within major cities across the country over the next few years.
Property market experts understand that developers have earmarked Cardiff as the perfect area for growth in the build to rent sector, and this echoes the overall growth that Cardiff has experienced as a city during the past decade.
While detailed plans have been granted for these 206 apartment units in the former Browning Jones and Morris site, planning has also been granted for 305 units at the Interchange scheme at Cardiff Central Square. Furthermore, IM Properties plc have also recently submitted an application for 307 apartments at Capital Quarter.
Plans are currently being drawn up for a further six schemes in an attempt to deliver projects that will meet the demand from the ever-expanding commercial market. Each of these schemes are likely to be either partial or entirely build to rent, and if they are all approved, they would deliver over 3,000 new homes within the next decade.
If you’re looking for the perfect property to rent in Cardiff or happen to be a landlord looking to source the right tenants, then our team of letting experts are here to help. You may also find our guide to property investment useful if you’re looking to expand your portfolio. Call us today on 02920 668585, e-mail firstname.lastname@example.org or pop into one of our three Cardiff branches.