Richardson Barberry (RB) is planning an exclusive fashion retail scheme on the former Bank of England offices site in the centre of Birmingham. The developer is proposing a 1,393 sq m (15,000 sq ft) scheme aimed at designer and upmarket fashion retailers.
As exclusively revealed by EGi before Christmas, RB has had a bid of over £6m accepted by the Bank for the freehold of the site on Temple Row and the headlease of the adjacent Bank House office building.
The price is thought to be over £1m above the guide price and RB is believed to have beaten off bids from at least one other developer, thought to be Amec, and the Midland Bank which wanted to occupy the site itself.
Jon Bellfield, director of RB, confirmed that his bid had been successful: “We have had an offer accepted on the site and solicitors have been instructed.” However, Bellfield refused to comment on the price.
Bellfield revealed that the developer is in discussions with the city council about the possibility of a converting the offices for retail and leisure uses.
He said: “We have got some plans drawn up and are having discussions with the council at the moment. The principle of the scheme is acceptable to them.”
RB is proposing a 1,393 sq m (15,000 sq ft) retail scheme on ground and first floors with restaurant and A3 uses at basement levels.
DTZ Debenham Thorpe is advising Richardson Barberry. Chesterton advised the Bank of England on the sale.
EGi News 04/02/98
