In March 2013 Birmingham City Council approved the Joint Venture between Birmingham City Council and British Telecom Pension Scheme (BTPS), managed by Hermes Real Estate Investment Management Limited (HREIML), the financial backers of Argent. This followed the confirmation from the Greater Birmingham and Solihull Local Enterprise Partnership (GBSLEP) of the £61 million funding for the infrastructure and site preparation for delivering the scheme to transform the Paradise Circus area of the city centre.
The scheme will make a major contribution to the Council's vision for the city and is key to Birmingham’s new Enterprise Zone and the delivery of the Big City Plan. It will create employment opportunities and generate additional business rates, whilst making significant enhancements to the setting of the city’s historic buildings. Major improvements to pedestrian routes, road layout and public space will also result from the redevelopment.
The approved, outline consent covers seventeen acres of land between Centenary Square and Chamberlain Square which will be developed to provide a vibrant, attractive and welcoming mixed use development including offices, shops, leisure, cultural and civic amenities together with a new four star hotel to replace the existing Copthorne Hotel and a new Adrian Boult Concert Hall.
Computer generated image of proposed redevelopment plans for Paradise Circus.