Paradise Circus Joint Venture
A Joint Venture between Birmingham City Council and the British Telecom Pension Scheme (BTPS), managed by Hermes Real Estate Investment Management Limited (HREIML), the financial backers of renowned developers Argent, has been approved by the City’s Cabinet. This approval sets the seal on delivery of the scheme that will transform the Paradise Circus area of the city centre.
With the establishment of the Joint Venture, the detailed planning, design and marketing of the first phase of the project is now certain to go ahead – with the previously announced £61 million investment by the Greater Birmingham and Solihull Local Enterprise Partnership (GBSLEP) providing funding for the infrastructure and site preparation.
Sir Albert Bore, Leader of Birmingham City Council, said:
“Birmingham City Council has backed the Paradise Circus proposals for many years so it is a momentous occasion to have agreed a formal Joint Venture to help bring the plans to fruition. I am looking forward to witnessing the changes that will be made to such a strategically vital and commercially imperative site. Nobody should underestimate the importance of the Joint Venture to the delivery of the Paradise Circus redevelopment. It brings certainty that the scheme will go ahead and will attract inward investment and employment opportunities to the city.”
Chris Taylor, CEO Hermes Real Estate Investment Management Limited said:
“As a long term investor we are delighted to be able to progress this project with Birmingham City Council which will be delivered over a number of years. It follows on from our recent purchase of Baskerville House and demonstrates our commitment to this great city. We believe it is the right time in the cycle to be working with Argent and the City Council to create what will be an exemplar sustainable development opportunity ahead of the anticipated recovery in the provincial office markets.”
David Partridge, Managing Partner, Argent said: “This is an extremely significant milestone in the delivery of a truly transformational proposal for the city. After many years of planning, consultation and preparation, delivery of the first phase of the Paradise Circus redevelopment is now very much a reality. With Rob Groves leading our team and with the full support and backing of Birmingham City Council, GBSLEP, Hermes and BTPS, we can now move forward on this major project.”
The outline planning application for up to 10 buildings in seventeen acres of land between Centenary Square and Chamberlain Square was approved late last year. The scheme will generate up to 12,000 jobs in a mixed use redevelopment including offices, shops, leisure and cultural facilities together with civic amenities and a replacement for the existing Copthorne Hotel. In total, the development will comprise a gross internal area of some 1.8 million sq ft, making it one of the UK’s largest city centre planning applications approved in 2012.
Plans for the first phase of the scheme will include the new road layout, substantial new public realm and two new office buildings providing over 250,000 sq ft of Grade A office space. A detailed planning application is expected to be lodged in early 2014.
Argent will be delivering the proposals in conjunction with a team of professional advisers and consultants including Gary Taylor’s Altitude Real Estate; planning consultants, Drivers Jonas Deloitte; Glenn Howells Architects; Peter Brett Associates; Arup; Faithful & Gould and Core Marketing.
A website showcasing the proposals for Paradise Circus is available at www.paradisecircus.co.uk.
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