Plans for the tallest building in Wales have been unveiled for a prime site in Cardiff. Bluecastle Capital has acquired the final plot at Central Square from Rightacres Property to develop a 35-storey build-to-rent apartment block.

The development, which has planning consent, will feature 364 apartments, a commercial pavilion, and additional residential amenity space. At 113 metres high, the new building will surpass the 107-metre Meridian Quay in Swansea and Cardiff’s current tallest, the 85-metre Bridge Street Exchange.

Ed Williams, chief executive of Bluecastle Capital, said, “This acquisition represents an important investment for Bluecastle and is our first project located in the Cardiff Capital Region. The site is extremely well located in the heart of Cardiff city centre, with excellent transport links and access to local employment centres. As a location, Cardiff offers extremely attractive benefits, including a thriving local economy and is projected to be one of the UK’s fastest growing cities over the next two decades.”

Bluecastle Capital, founded by Cardiff native Ed Williams in 2015, has managed over £3bn worth of real estate projects. The company is also developing build-to-rent schemes in Stevenage and Sheffield, recognising the sector’s growth potential. The UK build-to-rent sector attracted around £4bn of investment in 2023.

The exact value of the land deal with Rightacres is estimated to be around £15 million. The plot, marketed by Knight Frank, completes Rightacres’ mixed-use Central Square scheme, which includes significant office space and the new headquarters for HMRC in Wales.

Bluecastle Capital plans to operate the new Central Square build-to-rent scheme upon its completion.