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New £100m headquarters for HMRC will be located at Central S

if it's about Cardiff.. Sport, Entertainment, Transportation, Business, Development Projects, Leisure, Eating, Drinking, Nightlife, Shopping, Train Spotting! etc.. then we want it here!
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penarth bloke

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Re: New £100m headquarters for HMRC will be located at Centr

PostTue Dec 13, 2016 10:15 am

Karl wrote:I would have thought that if the Home Office or M of J were relocating to Cardiff it would be Central Square. The area around Wood Street is earmarked as the public sector hub afterall. HMRC will take up the best part of 300k sq ft and I'm assuming a govt department will want at least 100k sq ft. If the proposed new builds in Wood Street are let at £16 per sq ft I can't see the JR Smart Scheme in Callaghan Square competing with that on price.

Also the Employment Tribunal will have to relocate as Caradog House is becoming student accommodation. Plus the Civil Justice Centre is in Park Street, next to Stadium House and the Probabtion Service offices are in Westgate St.


I've heard from former colleagues that Companies House may be moving to Central Square also.
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Simon_SW17

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Re: New £100m headquarters for HMRC will be located at Centr

PostTue Dec 13, 2016 11:50 am

That would make sense if they could sell off the land at Maindy for housing, worth a few quid I expect.
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Frank

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Re: New £100m headquarters for HMRC will be located at Centr

PostTue Dec 13, 2016 2:36 pm

So the enterprise zone is yet to produce it's first new enterprise. The BBC a public sector hub and a re-located law firm - presumably for tax purposes. As RC rightly pointed out people simply moving location by a small amount to benefit their tax liability. It's surprising in a way that Admiral didn't fancy it.
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Victor Clam

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Re: New £100m headquarters for HMRC will be located at Centr

PostTue Dec 13, 2016 7:05 pm

I'm pretty sure the enterprise zone was expanded to include Admiral's HQ. Certainly looks like it here: https://businesswales.gov.wales/enterprisezones/zones/central-cardiff
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Kyle

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Re: New £100m headquarters for HMRC will be located at Centr

PostTue Dec 13, 2016 7:52 pm

It also includes Capital Quarter, so we have had one or two (although not many) new private organisations sign up.

Although it has to be said, none of them fall under the banner of financial and professional services. One is IT and another from the Energy sector.

On a positive note, some of the relocations have been as a part of future expansion plans, particularly for moto novo,
but also for Deloitte.
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LocalLurker

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Re: New £100m headquarters for HMRC will be located at Centr

PostTue Dec 13, 2016 8:19 pm

penarth bloke wrote:I've heard from former colleagues that Companies House may be moving to Central Square also.


Where did you hear this?

A lot of the Companies House site is not really utilised, the repository which takes up around half of the office land area (although only 2/3 stories high compared to 5/6 for the main office block) and is the J shaped mass next to Cathays High School is basically empty as companies records have been digitised. Companies House only occupy about half of the 5 floors on site these days with Acas, NHS amongst others making up the rest.

Jantra

Re: New £100m headquarters for HMRC will be located at Centr

PostTue Dec 13, 2016 9:29 pm

Kyle wrote:It also includes Capital Quarter, so we have had one or two (although not many) new private organisations sign up.

Although it has to be said, none of them fall under the banner of financial and professional services. One is IT and another from the Energy sector.

On a positive note, some of the relocations have been as a part of future expansion plans, particularly for moto novo,
but also for Deloitte.


Cambo did say a long time ago that enterprise zones just end up relocating existing business rather than attracting new business. it appears that, in the main, he was right
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Kyle

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Re: New £100m headquarters for HMRC will be located at Centr

PostWed Dec 14, 2016 9:33 am

Jantra wrote:
Kyle wrote:It also includes Capital Quarter, so we have had one or two (although not many) new private organisations sign up.

Although it has to be said, none of them fall under the banner of financial and professional services. One is IT and another from the Energy sector.

On a positive note, some of the relocations have been as a part of future expansion plans, particularly for moto novo,
but also for Deloitte.


Cambo did say a long time ago that enterprise zones just end up relocating existing business rather than attracting new business. it appears that, in the main, he was right


Yup. He was spot on in fairness wasn't he?

Even the new organisations that have setup probably would have come anyway, so you do have to question it's benefits.
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RandomComment

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Re: New £100m headquarters for HMRC will be located at Centr

PostWed Dec 14, 2016 9:48 am

The extension of the zone to cover Admiral should become a classic example of why location-based fiscal incentives are typically not a very good idea. The rationale behind them is that they will encourage extra investment at the margin. But here, we had investment that was going to go ahead anyway, and a case of lobbying for whats effectively a windfall gain to some combination of the occupier/developer/land-owner.

Tax incentives can work in promoting development in a wider region, but the incentives usually have to be larger and cover a wider area than the incentives under the "Enterprise Zones": a small incentive may be enough to encourage people to over the railway tracks, but is less likely to make them move city or region.
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