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19/09/2014

Setback for key Cardiff redevelopment

Words: Roger Milne

An ambitious proposed £500 million riverside redevelopment project linking Cardiff Bay and the city centre which would provide the Welsh capital with over 2,000 much needed new homes has suffered a setback.

As part of the proposals the city council was contemplating agreeing a long-term lease arrangement with the developer of up to 45 years for the use and management of the scheme’s planned 250 units of affordable housing.

But yesterday (18 September) the council’s cabinet decided not to proceed with the lease after an independent financial appraisal of the deal concluded that although it generally represented value for money, the scale of borrowing required was “deemed not to be affordable to the council at this particular time”.

Now the scheme, which has outline planning permission, has been put on hold while the council mulls alternative ways of supporting the project. One option under consideration would involve the city council buying around seven hectares of the 13ha development site in the Dumballs Road area of the city to secure the development of the proposed affordable housing.

Cardiff-based developer Bellerophon’s plans involve new housing as well as a primary school, shops, restaurants and a new bridge across the River Taff.

The location is identified in the Cardiff Local Development Plan as one of only two strategic brown field sites allocated for major new residential provision. 

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