Welsh expansion for London developer PLATFORM with 206-home Cardiff scheme
London-headquartered developer PLATFORM is expanding into Wales with a scheme in central Cardiff.
The company worked in partnership with Welsh developer Urban Centric to secure the greenlight for a 206-home build-to-rent project in the city centre.
PLATFORM’s scheme will deliver a mix of one- and two-bed apartments at the former Browning Jones & Morris builders merchants premises on Dumballs Road, along with almost 14,000 sq ft of amenity and retail space.
Included in the plans are a residents’ lounge, gym, communal roof terraces and two ground-floor retail units, one of which will be a convenience store.
According to PLATFORM, the project will make it the only UK-based build-to-rent firm with developments across England, Scotland and Wales.
Construction work is due to start on site in Q2 2019 for completion in Q1 2021. Upon completion, PLATFORM will retain and manage the homes for the long-term.
Stewart Knight, PLATFORM acquisitions director, said: “There is real momentum behind Cardiff and we look forward to getting on-site and delivering over 200 high quality homes for rent there.
“The site fits perfectly within our acquisitions strategy, being close to the railway station, city centre retail and established offices within a vibrant and growing city.”
He added: “We’re actively seeking more sites, looking for opportunities to deliver 200 plus homes in major towns and cities across the UK, and we are more than willing to work with local partners.”
PLATFORM CEO Jean-Marc Vandevivere commented: “The Cardiff acquisition underlines our position as one of the UK’s leading build-to-rent players, with developments across the whole of Great Britain.
“PLATFORM will be delivering the high quality, well priced, purpose-built rental housing that will be crucial to ensuring Cardiff’s success as the city looks to capture and retain talent to support its ongoing growth.”
Real estate services firm Savills advised Urban Centric on the deal.
Charlie Weatherill, director in Savills’ residential capital markets team, said: “We are delighted to have put this partnership together and to have been involved in one of the first bespoke designed build-to-rent projects in Wales.
“The sector continues to generate significant interest from long term investors, with more and more parties seeking opportunities in key regional cities.”
Charlie added: “We believe the UK’s regions will continue to offer attractive possibilities for investors to grow their UK holdings, underpinned by strong tenant demand.”
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