CBRE and GVA — two of Birmingham’s highest profile property consultancies — have been appointed as joint agents for the first phase of the city’s ambitious Paradise Circus development.
Work is due to start on the massive project later this year which will eventually see 10 new buildings on the 17-acre site between Chamberlain Square and Centenary Square. In addition to putting almost 1.8m sq ft of office, retail and leisure space onto the market, the scheme will also include civic amenities and a new hotel.
“The appointment of GVA and CBRE as agents ensures we have a top class team with vast expertise and huge experience of working in the type of high quality, vibrant, office-led mixed use development that the new Paradise Circus will bring to Birmingham,” commented Chris Taylor, chief executive at developers Hermes Real Estate.
“There is a looming shortage of sustainable Grade A office space in the city that Paradise will, with the capable assistance of these agents, help in meeting future demand,” he added.
Both agents were selected after competitive tendering. Martin Guest is managing director of CBRE’s Birmingham office. “The new site layout, with improved pedestrian access, will enhance connectivity and create a link between the traditional office core of the Colmore Business District and Brindleyplace,” he explained. “This scheme promises to be one of the biggest development projects Birmingham has seen for quite some time.”
Ian Stringer, the regional senior director at GVA, has been associated with the development for some time. “I have been personally involved with the Paradise Circus project since its conception so it’s very pleasing to be given the opportunity to see it through to completion. The setting, quality and accessibility of the development will have great appeal to investors and potential occupiers – regionally, nationally and internationally,” he said.
Rob Groves, senior project director at Argent, which is leading the design and delivery of the site works, added: “The appointment of the agents means we are now close to completing the full delivery team ready for the implementation of the project.
“We believe the huge investment currently being delivered in the city, combined with the redevelopment of Paradise Circus, will be a major draw in attracting new investors and occupiers in to the city centre. GVA and CBRE, with their national and international connections, will help bring that to fruition.”
The head of one leading property networking and membership organisation has already claimed the office element of the project will underpin Birmingham’s ascendency as a serious regional business destination outside the capital.
Richard Kauntze, chief executive of the British Council for Offices, says the project — coupled with the redevelopment of New Street Station — would help Birmingham fight back in the regional office and business market after Manchester had “stolen a march” on the city over the past decade. “Birmingham’s connectivity and location, right in the middle of the country, are fantastic,” he said, “It’s now all about creating that special kind of magic and dynamism that will attract international money away from the capital.”
