Professional advisory firm PwC has officially relocated its Welsh headquarters to the heart of Cardiff, moving into the One Central Square building. This move marks a significant milestone for the company, which has seen its workforce in the capital double to 400 since the pandemic.
New Office Space
The firm has taken two floors in the One Central Square building, covering 33,500 square feet. The space has been refurbished using Welsh suppliers. PwC previously operated from the 2 Kingsway building in Cardiff city centre for 25 years.
The new office was formerly occupied by car finance company Motonovo, which relocated to the adjacent 2 Central Square building. PwC considered several new locations, including the nearby Central Quay regeneration project at the former Brains brewery site, before opting for One Central Square.
Strategic Location
The building's close proximity to excellent public transport links, including Cardiff Central Station and the new bus station, was a key factor in the decision. The office houses PwC's service lines of consulting, tax, audit, and deals, as well as its specialist ethical hacking team for the UK.
Leadership Comments
Stuart Couch, market leader for PwC in Wales, expressed enthusiasm about the new office. “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,” he said.
He highlighted Wales' strengths in advanced manufacturing, fast-growing fintech and insurance sectors, and 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,” Couch added.
Pontypool-born Couch noted that the new office is designed to accommodate further growth in headcount. PwC was the first professional advisory firm to require 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 Details
One Central Square extends to 136,000 square feet and is asset managed by property advisory firm Knight Frank, which also serves as the letting agent through its Cardiff office. After Motonovo surrendered its lease on 70,000 square feet of space, the building is now fully let again following recent deals.
Other tenants include NatWest, which is taking a floor previously occupied by law firm Blake Morgan (who will remain in the building), and fellow law firm Knights. Both are fitting out their offices ahead of moving in. Recent new tenants include law firms Browne Jacobson and Lewis Silkin.
Matthew Phillips, head of Knight Frank's Cardiff office, 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.”
The terms of the letting with PwC have not been disclosed.
