Urban Splash is selling 50% of its development stake in Birmingham’s most famous building.
The Liverpool-based developer is close to agreeing a presale of half the 234 flats at the Grade II-listed 1960s-built Rotunda tower in the city centre.
Private investment company Claremont will pay £11m for ownership of around 120 flats on 10 of the 22 storeys being developed for residential use. Contracts are due to be exchanged shortly.
Urban Splash, which is headed by Tom Bloxham, was named the preferred developer earlier this year by the Birmingham Alliance the Hammerson, Land Securities and Henderson joint venture that also owns the nearby Bullring.
It is not known what Bloxham paid the Alliance for the development rights.
The scheme’s retail element on the ground floor forms part of the Alliance’s neighbouring Bullring shopping centre.
Urban Splash said in a statement: “Rotunda is a high-profile scheme but, at this point, owing to complex negotiations on all aspects of the development process, we are not able to comment [on the presale].
“We are very committed to making the Rotunda the most exciting scheme Urban Splash has developed to date.
“We will be releasing full details of the development when we feel we can give accurate information to the potential buyers and all other interested parties.”
Knight Frank is advising Urban Splash. Claremont was unavailable for comment.
References: EGi News 13/12/04
