No 1 Kingsway – Cardiff city centre’s most high-profile vacant office building – could see its first deal after being targeted by accounting giant Pricewaterhouse Coopers.
But developer Helical Bar will not see any direct financial benefit from a deal with PWC because, as a result of its funding agreement with Co-operative Insurance Society which lapsed two months ago, the 6,336 sq m (68,200 sq ft) building has reverted to CIS’s ownership.
The accountant, which has a 3,700 sq m (40,000 sq ft) requirement in the Cardiff market, has made No 1 Kingsway its first choice and is understood to be in negotiations to take space in the building, which has remained empty since it was completed in May 1996.
Robert Tamberlin, investment surveyor at CIS, confirmed that talks were under way but said that nothing had been put under offer yet.
PWC has had a requirement to consolidate its two Cardiff offices since Coopers & Lybrand merged with Price Waterhouse earlier this year. It had looked at the site next door to the new Welsh Assembly site in Cardiff Bay.
DTZ Debenham Thorpe and Cooke & Arkwright are letting agents on No 1 Kingsway. PWC is unrepresented.
EGi News 19/11/98
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