Legal & General Investment Management Real Assets has been given the go ahead to transform the Birmingham’s Rackhams buildings, once home to House of Fraser, into a major mixed-use scheme.
The buildings, located between Temple Row and Corporation Street, will provide 365,000 sq ft of office space over nine floors, nearly 60,000 sq ft of retail and leisure and a boutique hotel of more than 75,000 sq ft on the corner of Cherry Street and Temple Row. There will be more than 33,000 sq ft of restaurants, cafés and bars, with communal space, a large atrium and external terraces.
L&G has owned the site since 2014. It has held discussions about refurbishment of the store since the company’s CVA and Mike Ashley’s acquisition, which allowed House of Fraser to continue operating on a short-term basis.
Simon Wilkes, head of business space development at LGIM Real Assets, said: “Approval of this innovative ‘reimagination’ of such a prominent and renowned building is to be greatly welcomed by the city. The plans are very sensitive to its location overlooking St Philip’s Cathedral and square, while meeting the growing demand for high-quality office space and creating a new cluster of modern food, drink, retail and leisure facilities in the city’s core.
“This is also an important asset management initiative for the fund, where we are taking retail assets and re-purposing them for more resilient uses.”
TP Bennett designed the scheme.
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