Plans have been unveiled for a 23-storey development comprising 307 Build To Rent units, located overlooking Cardiff Bay.
IM Properties and its off-shoot Spitfire Urbane have recently acquired a site for the scheme, which in tune with other BTR developments includes some flamboyant features - in this case, a 6,000 square foot glass rooftop level, a resident’s bar, restaurant, fitness suite, lounge and work space.
Ground floor commercial or retail space will also be included.
The project is the second Build to Rent scheme from Spitfire Urbane, the first being Newhall Square in Birmingham, with further schemes with IM Properties in the pipeline.
Launched last autumn, Spitfire Urbane is a dedicated division of housebuilder Spitfire Bespoke Homes, focused specifically on multi-unit city centre schemes. As a privately-owned business, Spitfire draws investment capability from its parent company, IM Properties, which itself is a developer of commercial and industrial properties with a portfolio in excess of £1 billion.
David Jervis, group managing director of Spitfire, says: “There is certainly a drive for city centre Build to Rent schemes, as research shows that over 50 per cent of young professionals and millennials want to live within a kilometre of a city centre.
“The site benefits from an excellent location and many of the apartments will have views over the city and towards Cardiff Bay. Together with premium residents’ amenities, the scheme is designed to suit the growing demand among professionals for high quality rental homes in Cardiff.”