The two will merge their existing landholdings in the city to create the new site. Land Securities owns the prime St David's Centre, which fronts onto Queen Street and The Hayes, and Capital Shopping Centres owns most of the other retailing on The Hayes. Cardiff Council has lent its support to the proposal, which it believes will strengthen Cardiff's attraction as a major shopping centre and its international reputation as a tourist and leisure destination.

Although detailed plans are still being worked up, the new scheme will provide new retail, leisure and residential space, in a mix of open-air public squares, tree-lined boulevards and a new Grand Arcade. The council has given the developers nine months to assess the viability of the scheme and to come up with firm proposals. They will also have to enter talks with other landowners in the area. Subject to planning, work could start on site within three years.