Detailed plans for two further phases of a major urban regeneration scheme in the heart of Birmingham city centre have been unveiled. With an estimated, overall development cost estimated at €179m (£158m), the mixed-use scheme will include the city’s tallest office building. Developed by Salhia KSC, which is headquartered in Kuwait City, Beorma Quarter takes its name from the first settlement of Birmingham during the Anglo-Saxon period.
Phase I cost over €20.4m (£18m) and is mostly completed. It combined refurbishment and new build, with much of the office space let to The Prince’s Trust.
The newly-announced Phases II and III will cost more than €158.6m (£140m) and feature three new blocks including a 30-storey tower. Together, the overall mixed-use development will provide offices, residential, retail, restaurants, hotel plus a newly landscaped piazza.
Construction on Phases II and III is expected to start later this year. Salhia is seeking pre-lets of the commercial office space and negotiations are in hand with several interested parties. The scheme is entirely financed by Salhia.
Waheed Nazir, Corporate Director, Economy, at Birmingham City Council, said: “The city is experiencing unprecedented levels of growth which is set to continue over the next 15 years. With transformational projects such as HS2, Commonwealth Games and Smithfield coming forward and bringing new investment, jobs and homes to an expanding city centre, we have come a long way in realising our ambitions as set out in the Big City Plan. I am delighted to see Phases II and III of the Beorma Quarter coming forward to provide good quality space to further enhance the city’s offer to relocating companies. Building on the success of recent relocations from major companies like HS2, HSBC and HMRC, it is clear that Birmingham is set to continue to be a hugely attractive place to invest and do business.”
Abdulaziz Al-Nafisi, Deputy Chief Executive Officer at Salhia, said: “We’ve been investing in UK property for over 20 years, including the redevelopment of Farnborough town centre in Hampshire, working with joint venture partners such as St. Modwen Properties. Beorma Quarter will be our first stand-alone, UK project. With a focus on Birmingham because of HS2 and the Midlands Engine, we think the development will be a great addition to the city and further boost the local economy in the Digbeth district.”