26th May 2026 12:16
(Alliance News) - Watkin Jones PLC on Tuesday said it had reached practical completion of the first phase of a private development in Cardiff funded by Legal & General Group PLC.
London-based property developer Watkin Jones noted that 402 homes were complete at phase one of the 718-unit scheme, which is located in the Welsh capital's Central Quay.
The scheme was forward-funded by insurer Legal & General, and is part of a wider GBP1 billion redevelopment of the former Brains Brewery site. The remaining 316 units are due for completion in phase two.
Named Tai Afon, the development is 28 storeys high and the wider scheme includes a public square overlooking the river Taff, Watkin Jones said. It 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.
Watkin Jones Managing Director Gwyn Pritchard called the completion of phase one a significant milestone.
"With delivery in line with our planned schedule of the summer of 2026, this achievement
demonstrates the strength of our project team, the depth of our expertise, and our commitment
to delivering high-quality homes at scale and at pace," Pritchard noted.
Adam Burney, from Legal & General Asset Management, added: "The completion of Plot 1 at Tai Afon marks an important step in our long-term regeneration activity in Cardiff. With the city’s employment base expanding, high-quality rental homes are vital for ensuring young professionals can live, work and build their futures here."
Watkin Jones shares rose 1.8% to 22.90 pence just after noon on Tuesday in London, while Legal & General traded 0.5% higher at 272.30p.
By Holly Munks, Alliance News reporter
Comments and questions to [email protected]
Copyright 2026 Alliance News Ltd. All Rights Reserved.
Related Shares:
Watkin JonesLegal & General