Professional advisory firm PwC has confirmed a new larger headquarters in Cardiff to support its growth plans which could see it creating several hundred new jobs.
The global firm is investing in a new HQ at the One Central Square office building, which forms part of the wider Central Square mixed-use development around Cardiff Central Train Station.
It has agreed a lease for two floors in the 135,000 sq ft building. The space, extending to 33,500 sq ft, is being vacated by current occupier MotoNovo Finance.
Over the last few years, PwC has been increasing staffing numbers at its current Cardiff office in the One Kingsway office scheme, where it now employs around 500. While not unable to give an exact figure it is anticipating that number growing further by several hundred over the next few years at Central Square.
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Following a fitout of its new offices, which will operate on a hybrid working model, it could move into the building late next year or in early 2026.
While details of the rental deal have not been disclosed, it is understood it has created a new headline rent for the city at around £28 per sq ft - exceeding the previous level of £25 per sq ft.
The Cardiff office of property advisory firm Knight Frank acted for the building’s landlord, Aerium, on the letting deal. As part of a review of its property requirements in Cardiff, car finance business MotoNovo is expected to take space from law firm Hugh James at the adjacent Two Central Square building.
PwC said its office move and investment in Cardiff underline its regional ambitions and align with its work to improve social mobility.
Last year it announced a programme of investment supported by the Welsh Government that would lead to more highly-skilled jobs in Cardiff, serving PwC’s global client base in a broad range of disciplines but with a particular focus on digital and technology.
John-Paul Barker, PwC’s regional market leader for Wales and the west of England, said:“I’m very proud that we’ve reached this milestone; signing the lease for One Central Square is a significant moment for PwC in Wales.“The Central Square development has transformed Cardiff’s city centre, with high-quality offices providing a new focal point for businesses that illustrates the city’s ambition to grow and modernise.
“Our new destination workplace in One Central Square, situated next to a major transport hub, provides the platform for us to play a key role in the next phase of Cardiff’s economic development.”
Carl Sizer, head of make at PwC Ƶ, said:“Our regional strategy is fundamental to our purpose and our success - it’s how we play a leading role in redressing gaps in skills and productivity across the Ƶ, and drive long-term, sustainable growth in places like Cardiff.
“It’s also how we tap into more diverse talent pools, by creating pathways to high quality jobs for people in less socially mobile areas.“Our continued investment in Cardiff is another vote of confidence in a vibrant, confident, diverse city, and in a group of stakeholders - in particular Welsh Government, Cardiff Capital Region and education providers - whose joined-up ambition has created a business environment that we and other major corporates are keen to invest in.”
Rebecca Evans, Welsh Government Cabinet Secretary for Economy, Energy and Planning, said:“The move to One Central Square is a significant step in PwC’s expansion plans here in Wales. Our investment in this project will help improve job opportunities and strengthen the Welsh digital and technology sector.
“Creating high quality, well-paid jobs in sustainable sectors is vital for our future prosperity. This is a great example of partnership working to help tackle inequality, promote fair work and build ambition for young people with the right skills for a rapidly changing world.”
Mark Lock of Knight Frank, who asset manages the building on behalf of the landlord, said:“We are delighted to welcome PwC to the building. One Central Square represents one of the best buildings in the city and its location adjacent to the central railway station, its amenities and its strong ESG (environmental, social and governance) credentials make it exceptionally attractive for occupiers.”
