IM Properties and Spitfire Urbane have acquired a site in Cardiff as part of a joint venture partnership. The site, which was acquired from local developer JR Smart, will be transformed into a 23-storey city centre development comprising 307 studio, one and two-bedroom apartments for private rent.
The plans also include a 6,000 sq ft glass rooftop level, overlooking Cardiff Bay, which will house private amenities for residents, which could include a resident’s bar, restaurant, fitness suite, lounge and work space. Ground floor commercial or retail space will also be included.
The project is the second Build to Rent project from Spitfire Urbane, the first being Newhall Square in Birmingham, with further schemes with IM Properties in the pipeline. Launched last autumn, Spitfire Urbane is a dedicated division of award-winning housebuilder Spitfire Bespoke Homes, focused specifically on multi-unit city centre schemes. As a privately-owned business, Spitfire draws investment capability from its parent company, IM Properties, which itself is a developer of commercial and industrial properties with a portfolio in excess of £1bn.
Tim Wooldridge, Chairman of Spitfire and Managing Director of IM Properties said:
“Capital Quarter is strategically located within walking distance of Cardiff city centre and its main employment hubs, making it an ideal location for a rental development. This will be one of the first build to rent schemes in Cardiff and there is huge potential for this sector to grow within the city.”
David Jervis, Group Managing Director of Spitfire, commented:
“We are looking forward to delivering a development which will bring new standards of purpose-built rental accommodation to Cardiff. There is certainly a drive for city centre Build to Rent schemes, as research shows that over 50% of young professionals and millennials want to live within 1km of a city centre. The site benefits from an excellent location and many of the apartments will have views over the city and towards Cardiff Bay. Together with premium residents’ amenities, the scheme is designed to suit the growing demand among professionals for high quality rental homes in Cardiff.”
Property consultancy Knight Frank represented JR Smart in the transaction. Leah Mullin, from Knight Frank’s residential development team in Cardiff said:
“The growing national demand for private rented accommodation is seen strongly in Cardiff which is attracting more and more people who want to work and enjoy themselves in the transformed, vibrant city centre.”