24th Sep 2026 10:12
(Alliance News) - Watkin Jones PLC on Thursday said it has reached practical completion on a Welsh rental development, in partnership with Legal & General Group PLC.
The London-based residential property developer has been developing Tai Afon, at Cardiff's Central Quay, with London-based insurer and asset manager L&G, which invested about EUR200 million into the project.
This is part of a wider GBP1 billion redevelopment of the former Brains Brewery site in the Welsh capital.
Phase one, comprising 402 units, was completed back in May.
Practical completion for the second and final phase of the development marks the completion of the largest build-to-rent scheme in Wales, according to Watkin Jones.
The development now includes 718 rental units in total, which range from studio-sized to 3-bedroom apartments. There is 1,810 square metres of active ground floor commercial space.
Watkin Jones previously stressed that the project "will contribute to meeting the city's increasing demand for rental accommodation".
According to Tai Afon's website, rental rates start at GBP990 per month for a studio, while three-bedroom apartments start at GBP2,490 per month.
Gwyn Pritchard, managing director at Watkin Jones, said the project "demonstrates Watkin Jones' ability to deliver complex residential for rent projects in partnership with leading institutional investors".
Watkin Jones shares were down 0.1% at 15.18 pence each on Thursday morning in London. L&G also was 0.1% lower, at 294.50p.
By Holly Munks, Alliance News reporter
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