Linden Homes has paid Guardian Properties £2m Birmingham’s listed Ear and Throat Hospital in Edmund Street.
The site has consent for 3,530 sq m (38,000 sq ft) of offices, but Linden outbid office developers to build its 48 luxury apartment scheme.
The developer is awaiting consent for change of use and a decision is expected within the next month. The council is believed to be in favour of the scheme which will cost around £4m to develop and have an end value of £7.5m.
Local agents hope the scheme will generate more development in the area. Adrian McStay, director at Grenville Smith & Duncan which represented Guardian said: “This is prime office territory and office developers have been outbid by a resi developer in a street where nothing has been developed for 10 years.”
He continued: “Despite a great sale, it is a shame that a building such as this has gone to residential developers rather than for offices because it is in such a great location.”
Work is due to start on site in the summer, with completion by early 2001.
EGi News 11/04/00
