Principality says Cardiff headquarters will remain its home ‘for now’

Kieran Molloy, Local Democracy Reporter

The Principality Building Society has responded to the announcement of major plans for an iconic Cardiff building.

Earlier this week, plans for a change of use at Principality House, the main headquarters of the building society, passed its consultation stage.

These plans were for the building to be partially converted into co-living spaces, albeit while retaining some commercial use.

But a spokesperson for the company said today, May 14: “There are currently no active plans to relocate from Principality House. The planning application was submitted to provide long-term optionality and flexibility for the building, which is an iconic landmark in the heart of the city.”

It continues: “Principality House has been our home for more than 30 years, with colleagues making more use of the building in recent months, following the appointment of our new CEO, Iain Mansfield.

“Should we make a decision to move our head office in the future, turning our office into sustainable homes could not be more fitting for Wales’ largest building society.”

According to the application, which was submitted by Urban Centric Development Management Ltd, the scheme is designed as a “co-living complex”, which is “a relatively new concept which seeks to address the changes in our living habits and lifestyles”

It continues: “Co-living centres around flexibility with unit sizes typically smaller than a traditional apartment but supplemented by a number of shared amenity spaces such as a gym, cinema, games room and dining spaces.”

If approved, the proposal would provide 244 co-living studios and “associated amenity space”.

According to the applicant, typically, co-living schemes operate on a flexible, “all in rate” which includes utilities, council tax and access to the communal facilities.

Principality House is an 11-storey building (including two basements) located on The Friary in central Cardiff.

It is known for its distinctive architecture, which, according to the application, is “often compared to a cruise liner”.