£1bn boost from BBC Wales' HQ move to Cardiff centre

Almost 1,200 staff will relocate to the new building

BBC Wales' move from Llandaff to Cardiff city centre will inject more than £1bn into the economy in the next 10 years, a report has said.

The report by BOP Consulting, for BBC Wales, said the corporation's decision to move to Central Square in 2019 would speed up the area's redevelopment.

It said while the scheme could have gone ahead anyway, employment will start more quickly because of the move.

Final sign-off for the BBC building was agreed on Monday.

The report said the BBC's presence would not only attract creative industries, but make Central Square and the surrounding area more attractive for a range of businesses.

It will also be the catalyst for transport improvements, which will disperse the economic benefits and increase employment in the wider region, it said.

Richard Naylor, director of research at BOP Consulting said: "While Central Square could have gone ahead regardless, it's clear that without BBC Wales this level of impact would not happen.

"The vital economic difference is that BBC Wales is a catalyst for commercial investment and consumer spending, which quickly creates economic opportunities that wouldn't otherwise exist."

BBC Wales Director Rhodri Talfan Davies said the broadcaster was leaving a large, inefficient site in Llandaff and moving to a smaller, more cost-effective space because it needed to work smarter and leaner.

"But the £1.1bn benefit triggered by the move is a big boost for the economy and for the people who live here," he added.

Cardiff council leader Phil Bale said: "I can't wait to see this development take shape and to watch the benefits it brings for everyone who lives here."

Meanwhile, developer Taylor Wimpey has submitted a planning application for up to 400 homes at the broadcaster's current site in Llandaff.