The development, on Guildford Crescent in Cardiff, will see Galliford Try build a 30-storey tower with 272 apartments for rent.
While Galliford Try is largely out of the house-building business since its January 2020 sale of Linden Homes to Bovis, it is still in the private rented sector (PRS) market, building urban tower blocks such as the £40m Dandara Living scheme in Birmingham.
In Cardiff Galliford Try is working with The Marcol Estate, a vehicle of local property developers the Rapport family.
The Cardiff tower block is expected to provide a catalyst for Cardiff Council’s proposed Canal Quarter regeneration plans, with Galliford Try also providing public realm works.
Construction is expected to start in 2022.
Phil Harris, director of Galliford Try Investments, said: “As part of Galliford Try’s sustainable growth strategy, we have highlighted that build-to-rent schemes such as this are a key part of the plan for our investments business going forward. We are naturally delighted to be reaching a key milestone for this important scheme in Cardiff, the first of its kind for our business in Wales.”
Derek Rapport, chairman of The Marcol Estate, said: “As well as creating a stunning building in its own right, this development will kick- start the regeneration of the Canal Quarter, an area of Cardiff to which we have a long-term commitment. We are delighted to be able to bring this forward in conjunction with Galliford Try.”
The 19th-century buildings that used to be on Guildford Crescent were demolished in 2019, despite substantial local opposition to the redevelopment plans.
According to the South Wales Argus, the city council tried to get £4.8m out of Galliford Try for Section 106 monies, including £4.1m for affordable housing, but the developers negotiated this down to just £500,000 for public realm works.
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