Birmingham’s Paradise scheme enters crucial next stage
Birmingham’s Paradise scheme enters crucial next stage
The transformation of Birmingham’s landscape has taken a significant step forward with the start of major clearance works at the £500 million Paradise regeneration scheme – paving the way for the construction of the first phase that will comprise two premium contemporary speculative office buildings totalling more than 350,000 sq ft and the enhancement of one of the city’s main public squares.
The commencement of this next stage of works was witnessed this morning by Rob Groves of Paradise development manager Argent and Simon Marks of the Greater Birmingham and Solihull Local Enterprise Partnership (GBSLEP).
Set to dramatically change the city skyline, the removal of the complex arrangement of buildings on the site, including the former library and Paradise Forum, follows comprehensive interior strip out works which have been ongoing since the start of this year. It marks a crucial stage in the progress of the Paradise project – one of the UK’s most important city centre regeneration schemes.
Senior Projects Director of Argent, Rob Groves said: “The visible transformation of Paradise has now begun in earnest. The removal of the exterior of the old library is another milestone for the scheme and for the city itself. The people of Birmingham have been very patient as we have painstakingly prepared the site for the major works which will clear the way for us to start construction of the first two landmark office buildings and Chamberlain Square enhancements by mid-2016.”
Chris Taylor, Head of Private Markets at Hermes Investment Management, commented: “The Paradise scheme will consolidate Birmingham’s position as a global business destination, bringing first class office space to an outstanding and prestigious setting that will attract some of the world’s biggest firms while improving accessibility and permeability through the city.”
Cllr Ali said: “To be able to witness the visible progress of the Paradise scheme is the icing on the cake at the end of an incredible 2015.
“This has been a truly remarkable year for the city with the £600 million re-opening of New Street station, £150 million launch of Grand Central shopping centre with its flagship John Lewis store, as well as the £50 million redevelopment of The Mailbox and opening of the £150 million Resorts World Birmingham leisure complex.
“The Paradise development will further boost global perceptions of Birmingham as a prime place to live, visit and do business.”
Simon Marks of the GBSLEP added: “Set to attract new businesses, jobs and visitors, the Paradise regeneration scheme is a significant example of the success of the Birmingham City Centre Enterprise Zone. By providing the investment to deliver the infrastructure required to bring such a complex scheme forward, the LEP has worked closely with the project partners and it is fantastic to now see the start of the next phase of delivery.”
Working with phase one infrastructure contractor Carillion, Birmingham based specialist sub-contractor DSM has deployed a hydraulic high reach excavator – one of only three machines of its kind in the country – with the recent closure of the Paradise Circus one way traffic loop enabling this high reach equipment to be positioned adjacent to the Town Hall to start the physical works on the site.
While work to clear the site takes place, the walkway through the old Paradise Forum has been closed together with a large part of Chamberlain Square for health and safety reasons. Pedestrians and cyclists have now been re-routed through Fletchers Walk.
The first phase of Paradise comprises two new premium speculatively funded office buildings, One and Two Chamberlain Square, designed by Eric Parry and Glenn Howells Architects respectively, as well as attractive new public realm that will provide high quality connections from New Street and Victoria Square through to Centenary Square and on to Brindleyplace.
The Paradise redevelopment is being brought forward through Paradise Circus Limited Partnership (PCLP), a private-public joint venture with Birmingham City Council, with private sector funding being managed by Hermes Investment Management, with Argent acting as development manager. The enabling and infrastructure works, currently underway, have been funded through an approved £61m investment by Greater Birmingham and Solihull Local Enterprise Partnership (GBSLEP).
More details on Paradise can be viewed at www.paradisebirmingham.co.uk.
For further details please contact:
Stephen Osborne-Brown or Catherine Ryan, Core Marketing T: 0121 232 5000
Notes to Editors:
Hermes Investment Management
Hermes is focused on delivering superior, sustainable, risk adjusted returns for our clients – responsibly.
Hermes manages assets on behalf of more than 300 clients* across equities, fixed income, alternatives and real estate, with £29.5 billion* assets under management. In Hermes EOS, we have the industry’s leading engagement resource, advising on more than £146.6 billion* of assets.
We believe in Excellence, Responsibility and Innovation
- Excellence: We aspire to excellence in everything we do. This manifests itself most visibly in our investment performance. We will only offer products to our clients where we believe there is a strong investment thesis and where we can deliver sustainable alpha.
- Responsibility: We believe it is our responsibility to lead discussion and debate about the fiduciary responsibilities of fund managers to our clients, their stakeholders and, ultimately, society at large. We have always sought positive engagement with the firms in which we invest.
- Innovation: We have the entrepreneurial culture to identify forward-looking products that meet those needs, along with the resources and speed-to-market mentality to develop them rapidly.
Our structure gives clients globally the benefit of access to a broad range of specialist, high conviction investment teams operating within an established and robust operating platform.
Hermes’ investment solutions include:
- Private markets – International real estate, pooled funds, segregated mandates, UK commercial real estate, UK commercial real estate debt, UK private rental sector real estate, infrastructure and private equity
- High active share equities – Asia, global emerging markets, Europe, global, and small and mid cap
- Specialist fixed income – Absolute return credit, global high yield bonds, multi strategy credit, UK government bonds, and UK and global inflation-linked bonds
- Multi asset – Multi asset inflation
- Responsible investment services – Corporate engagement, intelligent voting and public policy engagement
* Please note the total AuM figure includes £4.0bn/€5.4bn/US$6.1bn/A$8.6bn of assets managed or under an advisory agreement by Hermes GPE LLP (“HGPE”), a joint venture between Hermes Fund Managers Limited (“HFM”) and GPE Partner Limited. HGPE is an independent entity and not part of the Hermes group. £0.2bn/€0.3bn/US$0.3bn/A$0.4bn of total group AuM figure represents HFM mandates under advice.
Source: Hermes as at 30 September 2015 with exception of two portfolios totalling £0.5bn/€0.7bn/US$0.8bn/ A$1.1bn dated as at 31 August 2015.
Argent (Property Development) Services LLP is one of the UK’s best respected property development companies.
Argent developed and managed Brindleyplace which offers more than 1.1 million sq ft of office space, 30 restaurants, bars and cafés as well as leisure and recreational facilities. Brindleyplace is internationally recognised as an award winning benchmark for urban regeneration and has been responsible for leading the way in Birmingham’s continued transformation.
The Argent team – now restructured as a Partnership – has been developing for 30 years. Argent has built a strong track record in mixed use developments that combine office, residential, retail, leisure, hotels, cafés, restaurants and managed open space; and has become a leading practitioner of city centre regeneration. It aims to be the most respected and successful developer in the UK.
Argent focuses on just a few, exceptional schemes at any one time, working with landowners and other partners. In addition to the eight million sq ft emerging at King’s Cross in London, Argent’s CV includes the rejuvenation of Piccadilly (One Piccadilly Gardens, Piccadilly Place, The Hub, The Hive) and One St Peter’s Square in Manchester; Brindleyplace and Paradise Circus in Birmingham; the redevelopment of brownfield sites in the Thames Valley; and major commercial developments in the City of London.
For further information visit: www.argentllp.co.uk