Blake Morgan celebrates completion of PFI project
Blake Morgan has played a pivotal role in the conclusion of Wales's first PFI project over decades
Blake Morgan has recently marked the successful conclusion of Wales's first-ever Private Finance Initiative (PFI) project, the Bute Avenue regeneration scheme in Cardiff. With a history spanning from its inception in 1997 to its formal handback in December 2025, the firm has maintained an ongoing advisory role for nearly three decades. Initially advising the Cardiff Bay Development Corporation, Blake Morgan later continued its partnership with the Welsh Government, ensuring a smooth transition and handback of the pivotal infrastructure.
The Bute Avenue PFI project was a vital infrastructure endeavour that renovated Cardiff Bay and involved the design, construction, and maintenance of the arterial route now known as Lloyd George Avenue. This thoroughfare connects Cardiff Bay to the city centre and has significantly influenced subsequent developments in the area. With the formal expiry of the PFI in December 2025, Cardiff County Council received the infrastructure, marking one of the inaugural PFI handbacks not just in Wales but across the UK.
Starting as Morgan Cole, the firm played an essential advisory role since the inception of the PFI agreement in 1997. Throughout the project’s development, Blake Morgan's expertise was sought by various public agencies, including the Welsh Development Agency and ultimately the Welsh Government, which took over responsibilities from the Cardiff Bay Development Corporation.
In addition to core advisory services related to the PFI, Blake Morgan has supported the Welsh Government on diverse property transactions associated with the initiative. This work aligned with the Government’s broader strategic vision to enhance the south of Callaghan Square while facilitating proposed Metro connections between Cardiff’s central area and Cardiff Bay.
As the PFI approached its conclusion, Blake Morgan provided extensive advisory support to the Welsh Government regarding the handback arrangements in 2024 and 2025. This involved meticulous legal work related to closing off the project, including deeds of variation, highways agreements essential for other major infrastructure developments like the South Wales Metro, and inspections to ascertain the condition of the assets being handed back.
The successful completion of the Bute Avenue PFI comes closely on the heels of Blake Morgan's work on the recent handback of Chepstow Community Hospital to Aneurin Bevan Local Health Board. As several public bodies face similar end-of-contract scenarios in the near future, Blake Morgan’s in-depth institutional knowledge of PFI handback processes positions the firm uniquely to tackle the legal intricacies involved.
Rebecca Evans, Cabinet Secretary for Economy, Energy and Planning, expressed her appreciation, stating that "The Bute Avenue PFI has played a defining role in Cardiff's transformation over the past three decades,” while acknowledging Blake Morgan's contributions that helped facilitate the project's successful conclusion. She highlighted the PFI's impact on investment, jobs, and overall opportunities in the region.
Tomos Lewis, a partner at Blake Morgan, remarked on the significance of the Bute Avenue project, stating, “The Bute Avenue project has played a defining role in transforming Cardiff and connecting the city to its bay.” He communicated the firm's pride in their long-standing involvement, emphasising the complexities faced during the handback related to various legal and contractual issues. He also expressed gratitude towards the Welsh Government for their continuous trust throughout the project’s lifespan.
James Egan, a real estate partner at Blake Morgan, further elaborated on the firm’s extensive role, noting, “Our involvement with Bute Avenue extended well beyond the core PFI agreement,” underscoring the strategic nature of the property transactions supported by the firm, which aimed to shape a lasting legacy for Cardiff.
Blake Morgan looks ahead with optimism as they prepare to assist more public sector clients in navigating similar challenges in the evolving landscape of infrastructure projects across Wales
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