Professional advisory firm PwC has moved into its new Welsh headquarters in the centre of Cardiff. The firm, which has seen its headcount in the capital double to 400 since the pandemic, has relocated to the One Central Square building at the wider Central Square office, residential, and retail scheme around Cardiff Central Station.
New Office Details
The firm has taken two floors, which have been refurbished using Welsh suppliers, extending to 33,500 sq ft. It has moved from its previous Cardiff city centre offices at the 2 Kingsway building, where it was located for 25 years. Its new office space was previously occupied by car finance company Motonovo before it relocated to the adjacent 2 Central Square office building.
The firm considered a number of new locations, and at one stage was linked to a new build development at the nearby Central Quay regeneration project at the former Brains brewery site, before opting for One Central Square. The building's close proximity to good public transport links, with Cardiff Central Station and the new bus station, were supporting factors in the decision.
Services and Teams
The office provides the firm's service lines of consulting, tax, audit, and deals, as well as housing its specialist ethical hacking team for the UK.
Leadership Comments
Stuart Couch, market leader for PwC in Wales, said: "It's a real pleasure to finally open the doors of our new offices here at One Central Square, a building that reflects PwC's ambitions in Wales, just as the Central Square development reflects Cardiff's ambitions. There are real reasons to be optimistic about Wales' prospects. It has proven its strength in advanced manufacturing, its fintech and insurance sectors are growing fast, and it is starting to take advantage of its natural edge in the transition to green energy. Capitalising on those strengths will require leaders to make creative decisions – new approaches to financing, complex transformation programmes, cross-sector collaboration. One Central Square gives us the platform to play our part in unlocking Wales' potential and helping it take the next steps in its economic journey."
Pontypool-born Mr Couch said its new office has been designed to accommodate further growth in headcount. PwC was the first professional advisory firm requiring staff to be in the office, or with clients, for at least three days a week after the pandemic.
Carl Sizer, chief markets officer at PwC UK, said: "We've been in Cardiff for over 90 years and our move to One Central Square underlines our continued investment and focus on the Welsh market. Our regional strategy is fundamental to our purpose and our success; it's vital that we live and work where our clients do so that we can better understand their issues and work closely alongside them."
Building and Tenants
One Central Square, which extends to 136,000 sq ft, is asset-managed by property advisory firm Knight Frank who, through its Cardiff office, are also the letting agents. After the decision of Motonovo to surrender its lease on 70,000 sq ft of space in the building, which is owned by Middle Eastern investors, One Central Square is now fully let again following a number of recent letting deals. As well as PwC, they include NatWest, which is taking a floor that was occupied by law firm Blake Morgan who will remain in the building, and law firm Knights. Both are fitting out their respective new offices ahead of moving in. Other new tenants to recently move into the building include law firms Browne Jacobson and Lewis Silkin.
Head of the Cardiff office of Knight Frank, Matthew Phillips, said: "The letting success at One Central Square clearly demonstrates pent-up demand for best-in-class city centre office buildings in Cardiff served by good amenities and close proximity to public transport links."
