Cardiff Bay Development Corporation is inviting developers to re-open the bidding for the £50m plus Bute Avenue regeneration scheme contract, one of the city’s high profile building projects, under the Private Finance Initiative.
The scheme, which centres on the design, construction and maintenance of Bute Avenue Boulevard, a road and rail link which will connect Cardiff Bay to central Cardiff and surrounding development land, was thrown into doubt by the general election. It is the first PFI scheme in Wales to be reactivated following Labour’s victory in May.
Ron Davies, the Welsh Secretary, has given Bute Avenue Boulevard the green light and widened the scope of the scheme to include the management of the Cardiff Bay Barrage and other services. The original brief also asked developers to make use of land surrounding Collingdon Road and Bute Street in the Bay.
The three preferred development consortia have also been invited to join a joint-venture with Sheridan Estates which owns Bute Square – a key site on the edge of the city centre. Sheridan has submitted a planning application to build a £22m, 15,328 sq m (165,000 sq ft) office block on the site.
The consortia are backed by Norwest Holst, DMD and Bectel, Balfour Beatty, respectively.
DTZ Debenham Thorpe advises Balfour Beatty. King Sturge & Co advises Norwest Holst.
EGi News 09/07/97
