Birmingham city council has extended the existing exclusivity agreement with preferred development partner Argent, for the future of the 1.5m sq ft mixed-use Paradise Circus development in the city.
The council and Argent signed the exclusivity agreement in February 2009 and between them, own or lease the majority of the land within Paradise Circus. Argent has spent the last three years exploring development opportunities for the eight acre site and is currently working towards entering into a land-owning joint venture agreement with the council.
Rob Groves, project director at Argent, said: “The council has set out within its business plan that there is potential for its property assets to be used strategically to stimulate regeneration and the economy. We believe that the redevelopment of Paradise Circus is vital to Birmingham’s economic performance over the coming years.”
The scheme is likely to comprise up to 12 new buildings set in a series of new streets and squares.
Occupational leases with existing site tenants including Birmingham City University and Copthorne Hotel who are keen to explore relocation options, are coming to an end said Argent.
Gary Taylor’s Altitude Real Estate is working with Argent to take the project forward.
The focus to date has been on the creation of the masterplan for Paradise Circus with the team of Glenn Howells Architects, transport planners Peter Brett Associates, consulting engineers Arup and Townshend Landscape Architects, working with planning consultants Drivers Jonas Deloitte.
An outline planning application will be submitted in summer 2012.
lisa.pilkington@estatesgazette.com
