Hammerson, Henderson Investors and Land Securities are forming the Birmingham Alliance, a partnership to undertake a 250,000 sq m (2.6m sq ft) retail centre in the city centre.
The properties included in the partnership agreement are the Bull Ring, the Rotunda, Martineau Square, Priory Square, Dale House, Londonderry House and the McLaren Building.
The Alliance comprises an umbrella agreement which binds three limited partnerships – each one dedicated to one of the three schemes – to investing a total of £800m in the development.
The construction schedule is planned to run as follows:
- In July 1999 traders at the existing Bull Ring will move into a new indoor market.
- In Spring 2000 the construction of the first phase of Martineau Galleries will start with the redevelopment of Martineau Square. The comprehensive upgrading and remodelling of the existing scheme will provide 16,700 sq m (180,000 sq ft) of space.
- In early 2001 the existing Bull Ring will be demolished to make way for the 110,000 sq m (1.2m sq ft) new Bull Ring scheme centred around St Martin’s Church. Featuring two department stores – Debenhams has already signed up – the new Bull Ring will bring eight new flagship stores and 100 shops to the City.
- Following the completion of the first phase of the Martineau Galleries and the new Bull Ring, the Alliance will start work on plans for the Galleries’ second phase.
EGi News 25/02/99
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