MEPC has rejoined the battle to land the Welsh Assembly requirement in Cardiff by taking a majority stake in Bute Square, a £60m PFI scheme shortlisted by Ron Davies, Secretary of State for Wales.
MEPC was behind a failed bid to house the assembly at City Hall in central Cardiff. Now the company is backing the NorWest Holst-led CityLink consortium’s attempt to land the 8,361 sq m (90,000 sq ft) requirement at its large office scheme alongside the new Bute Avenue road link between Cardiff Bay and the city centre.
Following the deal, its first completed investment in the UK since it divested of its US shopping centres earlier this week, MEPC will be battling with Grosvenor Waterside, which is behind the other shortlisted assembly site, also in Cardiff Bay.
Developer Grosvenor is offering two existing buildings, Crickhowell House and Pierhead, and a purpose-built waterfront debating chamber.
Bob Croydon, senior partner of King Sturge & Co’s Cardiff office which is advising Citylink was unavailable for comment but, according to local market sources, the news of MEPC’s involvement will add weight to the Bute Square bid. Davies is yet to announce his final decision but The Welsh Office is believed to be gearing up to make a statement on the final choice early this week.
EGi News 24/04/98
