Legal & General, in partnership with Rightacres Property Company, announces that it has officially handed over the new BBC Cymru Wales headquarters at Central Square, Cardiff to BBC Director General, Lord Hall.
17 Apr 2018
Commissioned by Rightacres Property on behalf of BBC Workplace, the new building is adjacent to Cardiff Central train station and will be home to some 1200 staff. The building was designed by award winning international architects Foster + Partners with Legal & General providing funding.
Bringing together the local development expertise of Rightacres, the progressive long term vision for the city of Cardiff Council, and long dated private capital of Legal & General, Central Square has been backed by an unbeatable partnership model. Together, the public-private alliance has enabled this scheme to be unlocked, delivering real UK growth and helping to further transform Cardiff city centre.
With ‘next generation’ web technology, the new broadcast centre is the centre-piece of the Central Square regeneration project and will be the first BBC facility in the UK to use live IP Technology. Overbury and Sheppard and Robson will now begin an 18-month fit-out process for live broadcasting.
BBC Director of Property, Alan Bainbridge said: “To hand a building over of this scale and complexity exactly on time and budget is a real achievement. We signed the agreement for lease back in December 2014 and the predicted handover date was today – it has been a fantastic effort by all parties and we now look forward to completing the fit-out ready for occupation next year.”
Tom Roberts, Head of Strategic Investment and Regeneration at LGIM Real Assets said: “Today marks yet another exciting milestone in the delivery of the Central Square project, which continues to transform Cardiff’s commercial landscape. At Legal & General we have a commitment to improving our built environment, investing in cities across the UK to bring about urban centres that are fit for purpose and that are better places to live and work.”
Rachel Dickie, Head of Urban Regeneration at Legal & General Capital, added: “The transformation of Cardiff Central has been phenomenal and Legal & General’s continued funding commitment alongside the development expertise of our partner Rightacres has seen the project evolve at an extremely impressive rate. Central Square is one of the UK’s most impressive and transformational regeneration schemes, and is already delivering major social and economic benefits as well as being a great match for Legal & General’s patient capital.”
Chief Executive of Rightacres, Paul McCarthy added: “The completion of the BBC Cymru Wales headquarters is testament to the successful partnership between ourselves as developer, BBC Workplace, Cardiff Council and Legal & General. It marks an important milestone in the development of Central Square and has been a team effort from start to finish.”
Work on Central Square, a 1.5 million sq ft mixed use regeneration scheme, began in 2014 with One Central Square now fully occupied. Two Central Square is under construction and the whole building has been pre-let to Hugh James Solicitors and Cardiff University’s School of Journalism. It will be ready for occupation in September 2018.
HM Revenue and Customs will move 4,000 staff from Llanishen to Central Square in 2020. With 266,000 sq ft, it is the largest office deal ever signed in Wales.
Tom Roberts, Head of Strategic Investment and Regeneration at LGIM Real Assets: Today marks yet another exciting milestone in the delivery of the Central Square project, which continues to transform Cardiff’s commercial landscape.
Notes to editors
Legal & General Investment Management Real Assets (LGIMRA) is a division of Legal & General Investment Management (LGIM), one of Europe’s largest institutional asset managers and a major global investor. LGIM manages £1.28tn in assets (as at 31 December 2020), working with a range of global clients, including pension schemes, sovereign wealth funds, fund distributors and retail investors.
LGIM Real Assets has assets under management of £36.3bn (as at 31 December 2020) and is one of the largest private markets investment managers in the UK. Investing in both debt and equity and across the risk/return spectrum, LGIM Real Assets actively invests in and manages assets across commercial, operational and residential property sectors, as well as infrastructure, real estate, corporate and alternative debt.
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(As of June 2021)
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Legal & General Capital (LGC) is Legal & General Group’s alternative asset platform, creating assets for Legal & General Retirement and third-party clients in order to achieve improved risk-adjusted returns for our shareholders. LGC has built its capabilities in a range of alternative sectors, including in residential property; specialist commercial real estate; clean energy; alternative credit; and venture capital, which are all supported by long-term structural growth drivers, meet a financing gap and respond to a scarcity of supply that is underpinned by enduring societal needs.
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(As of June 2021)
Established in 1836, Legal & General is one of the UK's leading financial services groups and a major global investor, with over £1.4 trillion in total assets under management* of which a third is international. We also provide powerful asset origination capabilities. Together, these underpin our leading retirement and protection solutions: we are a leading international player in pension risk transfer, in UK and US life insurance, and in UK workplace pensions and retirement income. Through inclusive capitalism, we aim to build a better society by investing in long-term assets that benefit everyone.
*at 31 Dec 2021