A deal between Sterling Property Ventures and Birmingham City Council for the sale of the two-acre Great Charles Street strategic site will unlock long-awaited major development.
The sale is expected to complete shortly at an undisclosed price. Sterling has been working with the council’s planning and development teams to design a revised scheme for the site, which currently houses a pay-and-display car park, after initial plans went out to public consultation last autumn.
The new £150m scheme will be set around a new public square, accessible from Ludgate Hill, and include a residential tower offering more than 432 build-to-rent flats. The tower will replace the 250,000 sq ft office block originally proposed. There will also be 146 serviced apartments, a 126-bed hotel and ground floor retail space.
Sterling first entered into a joint venture with land owner Birmingham City Council to develop the site in 2013, alongside its then funding partner Long Harbour.
A detailed planning application for the Great Charles Street site is expected to be submitted by the end of this year, following a further public consultation process.
James Howarth, managing director of Sterling Property Ventures, said: “Our new plans for the scheme have been evolved over the past few months and we look forward to unveiling them in the autumn.”
• To send feedback, e-mail lisa.pilkington@estatesgazette.com or tweet @EGLisaP or @estatesgazette
