Central Square Development Finance

Central Square is covered by a detailed masterplan framework agreed between Rightacres Property and Cardiff Council. New development must align with design codes that emphasise high-quality architecture, active ground-floor frontages, and connectivity to the railway station. The surrounding streets benefit from a mix of existing use classes, with significant PD conversion potential in older B1 office buildings. Planning applications in the immediate Central Square zone are assessed against the masterplan, while surrounding development follows standard LDP policies. The South Wales Metro investment into Cardiff Central station adds further planning support for residential density in this location.

Central Square and surrounding city centre locations achieve apartment values of £220 to £300 per square foot for new build units. Commercial rents have increased significantly following the BBC Wales relocation, with Grade A office space achieving £27-30 per square foot. Development site values range from £2 million to £5 million per acre for consented schemes. Student accommodation demand remains strong given proximity to Cardiff University and USW campuses, with PBSA studios achieving £150-180 per week.

Lender appetite for Central Square is strong across all scheme types. Senior lenders are comfortable with city centre residential and commercial proposals, particularly those benefiting from the established masterplan framework. PD conversion specialists are active in the surrounding streets where older office buildings offer conversion potential. The Development Bank of Wales supports mixed-use and residential schemes in this location. BTR and PBSA lenders are increasingly targeting Central Square given its transport connectivity and proximity to major employers.

The Central Square regeneration has delivered over 1 million square feet of new development in recent years, including the BBC Wales headquarters, new office buildings for Legal & General and Hugh James, and the ongoing residential phases. Several PD conversion schemes in surrounding streets have transformed redundant office space into apartment blocks. The forthcoming transport interchange will further catalyse development in the immediate area, with multiple sites earmarked for residential-led mixed-use schemes.

Central Square offers development opportunities ranging from large-scale mixed-use projects within the masterplan area to smaller PD conversions in surrounding streets. The combination of major infrastructure investment (South Wales Metro, transport interchange), established corporate tenants (BBC, Legal & General), and strong residential demand creates a compelling proposition for developers. Cross-border developers from Bristol expanding into the Cardiff market frequently target Central Square for its familiar city centre dynamics and strong institutional investor interest.