L&G Capital and new models for regeneration
Last August, the Government Property Unit agreed to new space in 6 Central Square, Cardiff with a 25 year lease in Wales’ biggest ever office deal. This is now to be the new HQ for HMRC from 2020 (when the move is expected to take place) and it is a part of a rationalisation of the GPU’s estate which will reduce its’ buildings from 800 to around 200.
L&G Capital has been the main investor and prime mover, alongside Cardiff developer Rightacres and Cardiff Council in creating this new public-sector hub located by the station at Cardiff Central.
The space at 6 Central Square could accommodate 4,000 people with scope for the full development to cater for 10,000. BBC Wales will have some of this and Cardiff University’s School of Journalism, Media and Culture Studies (one of the highest ranked in the UK) will be housed in 2 Central Square. The regeneration of the area will provide better public space for Cardiff as well as an improved walking connection between the rail station and the Principality Stadium.
This was one of the transformational projects that L&G Capital’s Head of Urban Regeneration, Rachel Dickie, spoke about at “The Making of the Modern City” at City Hall when she joined TfL, Savills, VeloCity and the Mayor of Middlesbrough on a panel discussion,’ New models for infrastructure-led regeneration’.
Please watch Rachel in the video above describing the type of collaborations Legal & General is searching for with city councils across the UK.