BlueCastle Capital was set up Welshman Ed Williams and sees huge growth potential for build-to-rent schemes
How BlueCastle Capital’s build-to-rent scheme in the centre of Cardiff could look.(Image: BlueCastle Capital)
The developer behind what will be the tallest building in Wales has an appetite for further projects. Last week BlueCastle Capital, whose founder Ed Williams was born and raised in Cardiff, secured planning consent for its 50-storey scheme at the last development site (plot 5) at the mixed-use Central Square development around Cardiff Central Station.
At 178 metres high it will be the second tallest building outside of London – behind the 200 metre Deansgate Square South Tower in Manchester. The development will consist of 528 build-to-rent apartments, as well as a standalone two-storey pavilion providing 6,500 sq ft of commercial and restaurant space.
The scheme, designed by 5plus and Layer Studio, will offer a range of amenities, such as a gym, co-working space, a wellness area, a roof terrace, a bike hub, a café and landscaped public spaces.
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Planning approval from Cardiff Council follows public consultation and builds on a previously consented 35-storey scheme.
Artist impression of BlueCastle Capital’s 35-storey build-to-rent apartment scheme in the centre of Cardiff.
Barry Coltrini, development director at BlueCastle Capital, said: “This is a milestone for our Cardiff project and for the transformation of Central Square. The consent allows us to bring forward a landmark building that will deliver high-quality, sustainable homes and meaningful public spaces, while contributing long-term social, economic and environmental value to the city. We are grateful for he constructive engagement with the council, local community and wider stakeholders throughout the planning process”.
To date, BlueCastle has invested approximately £70m in acquiring and progressing its five build-to-rent development sites, which together will deliver around 2,500 new homes across Cardiff, Leeds, Birmingham, Stevenage and Sheffield.
BlueCastle’s Cardiff apartment scheme.(Image: Copyright Unknown)
On the potential for further project in Wales, over the long-term Mr Williams, who attended Cardiff High School, said “We are committed to Cardiff as a location and see huge potential for the build-to-rent sector within the city .”
Blucastle said it was not yet in a position to confirm when work on the scheme could start and be ready for occupancy.
The projected capital cost of its inaugural Welsh scheme has not been disclosed, while it said the level of rental income would be decided by market rents at the time of its launch.
However, once operational the company see it as a long-term investment hold. Mr Williams said: “BlueCastle’s business model is to be a fully integrated developer and asset manager with involvement in the value creation process from site selection and acquisition all the way through to long term ownership.
Following a career in equity markets with Merrill Lynch, Mr Williams, founded BlueCastle Capital in 2015. The London-based company has structured, developed and asset managed more than £3bn worth of real estate projects.
The UK build-to-rent sector is one of the fastest-growing sectors in UK real estate attracting around £4.7bn in 2025. BlueCastle believes it is well placed to become one of the UK’s leading developer and operator of build-to-rent assets.
Last month its acquired the site of the former Yorkshire Post headquarters in Leeds, pushing the its build-to-rent development pipeline to £1.1bn.
Mr Williams, who attended Cardiff High School, said: “Pushing our development pipeline beyond £1bn is a significant moment for the business and reflects the scale of our ambition in UK build-to-rent. We believe we are building the highest-quality build-to-rent development pipeline in the UK, with each site selected for its location, fundamentals and long-term relevance to renters.”
Bluecastle acquired plot 5 from Cardiff-based property development firm Rightacres Property. The value of deal was not disclosed, but is understood to have been in the region of £15m. Over the last decade Rightacres has delivered 1.25 million sq ft of mixed-use space – of which around 850,000 sq ft is grade A office – at Central Square
The scheme is a major employment location for the city, boosted by its close proximity to Cardiff Central Station, with its tenants who include HMRC, BBC Wales, Hugh James and Hodge Bank employing thousands of people
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