Work on a new bus station in the centre of Cardiff, as part of the £100m mixed-use Interchange project, is expected to start later this month.
The scheme, which already has planning consent and seen enabling work to prepare the site at Central Square for construction, is a joint venture between property development firm Rightacres, the Welsh Government and financial services giant L&G.
The three are expected to shortly confirm a final agreement, paving the way for construction to start with immediate effect.
The former central bus station closed in 2015 to make way for the next phase of development at Central Square in the now fully 2 Central Square office scheme and the new £100m HQ for BBC Wales.
Cardiff-based Rightacres is behind the wider Central Square project in front of Cardiff Central Railway Station.
The Welsh Government acquired the Interchange site from Cardiff Council last year for £12m.
The Interchange will see:
- A bus station with 14 stands at ground level with around 5,000 sq ft of retail space.
- Above the bus station some 87,000 sq ft of new grade A office space.
- Around 300 private apartments for rent.
- A new car park with spaces for 250 vehicles of which around 175 will be for the new HQ for BBC Wales, also at Central Square, and where the first staff will start to relocate from the public service broadcaster's current HQ in Llandaff later this year.
The bus station will be operated by Transport for Wales, the at arm's length transport company of the Welsh Government.
The entire scheme is expected to take between two years to 30 months to complete. However, it is possible that the bus station could become operational before the commercial elements of the Interchange are completed.
The office element of the Interchange, like rest of the Central Square development, is expected to be forward funded by L&G - providing there is pre-let interest.
L&G Homes is also expected to deliver the Interchange’s apartment scheme, reflecting the growing demand for private rented schemes across the UK.
