'Biggest ever' property deal in Wales
A huge regeneration project has been agreed that will see over £400m investing into Cardiff town centre.
The proposed changes could see up to 10,000 jobs secured in the city thanks to financial giant Legal & General who have promised to redevelop 1 million sq ft of land.
Hailed as 'a major vote of confidence in the Welsh economy', the huge nine-figure outlay represents the largest property deal ever made in Wales.
Director of Direct Investment at Legal & General Laura Mason said: “Cardiff has been hugely successful in establishing itself as real player in the inward investment arena and Central Square represents the most exciting regeneration scheme due to come forward in Wales".
New offices, homes and shops will be built around Cardiff Central Railway Station with improvements made to basic infrastucture and pedestrianisation.
Legal & General agreed to provide the finacial backing
Legal & General have agreed to provide the financial backing needed to redevelop the area. They have effective gained a selection of investment projects including a proposal for the new headquarters for BBC Cymru Wales to be placed in Central Square.
There will also be an Interchange development which will not only hold a new bus station and transport hub, but a 200,000 ft office space, a 150-room hotel and 200 private residential apartments.
UK Chancellor George Osborne was delighted with the deal and said "The £400m regeneration project which will be delivered through this partnership is fantastic news for working people across Wales and will help transform Cardiff’s city centre, creating 10,000 new jobs.
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