Today (17 September 2020), Cardiff Council’s Cabinet has agreed to sell 8.5 acres of land off Dumballs Road to Investor/developer, Vastint UK. The sale is a major step forward for the redevelopment of a large, strategic brownfield city centre site in Cardiff, Vastint UK’s third major development alongside Aire Park in Leeds and Sugar House Island in London.
Vastint UK’s vision to deliver over 2,000 residential properties alongside commercial and retail space and a significant riverside park on the 40-acre site which aims to strengthen connections between Cardiff city centre and the bay along the banks of the river Taff.
Andrew Cobden, Managing Director of Vastint UK, said: “We have been working hard on the masterplan for sometime now and these decisions clear the way for the submission of the planning application that will lead to total transformation of this part of Cardiff city centre.
“We are keen to share the vision for the scheme, secure planning permission and start the regeneration of the beautiful, forgotten part of the river.”
Vastint UK has also agreed a contract with Cardiff Council to guarantee a minimum level of affordable housing contribution – providing highly sought-after homes in the city centre.
Cardiff Council has expressed its support for the scheme, as the land has remained derelict for the last 30 years, stating it is a ‘significant investment’ and ‘real breakthrough’ for the city.
Councillor Russell Goodway, Cabinet Member for Investment and Development, said: “Given its industrial past, the land has proven difficult and expensive to develop. This, along with complex land-ownership issues, has led to a number of failed attempts at redevelopment.”
Vastint UK is experienced in delivering high quality developments in urban sites. As a developer that builds for long-term investment, Vastint UK continues to manage its properties after completion to support its tenants and residents.