21 Mar 2019
Legal & General, the Welsh Rugby Union and Rightacres set to transform one of Cardiff's most iconic buildings
Legal & General announces that it has agreed to fund the restoration of one of Cardiff’s oldest and most iconic buildings into central Cardiff’s most luxurious hotel. The former Post Office building on Westgate Street is being transformed in a venture between the Welsh Rugby Union, Legal & General and Cardiff based property development company, Rightacres Property.
The scheme is being funded by Legal & General, on behalf of Legal & General Retirement Institutional, as part of its ongoing investment into the regeneration of Central Square. The refurbishment will be undertaken by RAP and the WRU.
The new luxury hotel will undergo a significant transformation and will be known as The Westgate Hotel. The development will restore, preserve and enhance the building’s historic features to include 165 bedrooms, fifteen VIP suites, two restaurants, a luxurious rooftop spa with outside Jacuzzi as well as meeting facilities and a ballroom for 400 guests.
In 1860, Cardiff’s population was 50,000 but the rapid growth into a commercial centre as a result of increased trade through coal and the docks meant that Cardiff's postal service had to grow too. In 1880 the Post Office employed 86 people and delivered 2,800 parcels but by 1919, 1,626 people dealt with 60,000 parcels, with two million letters processed every week.
Read the full press release via the link below
We are delighted to be funding what is widely regarded as the best hotel site in Cardiff... It is a unique opportunity to create a rare, long income cashflow while facilitating the development of a new market-leading hotel in one of the fastest growing capital cities in Europe...
Tom Roberts, Head of Strategic Investment at Legal & General