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MIPIM16: Greater Birmingham in Paradise after PwC sign up for major office deal

MIPIM16: Greater Birmingham in Paradise after PwC sign up for major office deal

🕔17.Mar 2016

The good news just keeps rolling in for Birmingham during MIPIM week.

Hot on the heels of an announcement that M&G are to fund the three Snowhill office development, it has been confirmed that global accountancy firm PwC will be the first tenant to sign up to the £500m city centre Paradise development.

PwC intends to relocate its 1,400 workforce from Cornwall Court to 90,000 sq ft of office space on the top four floors of One Chamberlain Square, the landmark Paradise building.

Overlooking a refurbished Chamberlain Square and in the shadow of the Council House and Town Hall, One Chamberlain Square will be a seven storey premium office development with shops and restaurants on the ground floor.

It’s understood PwC will make the move to Chamberlain Square in 2019.

Occupying 17 acres, the Paradise development has been given a value of £500 million and has been described by Birmingham city council as one of the most significant commercial developments in the country.

Matt Hammond, Regional Chairman of PwC in the Midlands, said:

One Chamberlain Square at Paradise was the natural choice for us. As part of Birmingham’s City Centre Enterprise Zone, the development is a key part of the city’s growth strategy to attract business and investors, create jobs and improve infrastructure.

With its high quality office space and central location in the city’s newest development, it perfectly reflects the profile and professional requirements of PwC, while offering our staff, clients and visitors a truly first class working environment.”

The Paradise redevelopment is being developed through Paradise Circus Ltd Partnership (PCLP), a private-public joint venture with Birmingham City Council, with the private sector funding being managed by Hermes Investment Management, the £23 billion manager focused on “delivering superior, sustainable, risk adjusted returns to its clients – responsibly”.

Hermes Investment Management has also partnered with Canada Pension Plan Investment Board (CPPIB) on the first phase of the development, which will see the fund follow its investments in the Bullring and Grand Central. Argent is acting as development manager.

Greater Birmingham’s presence at the MIPIM property fair in Cannes has been marked by a series of positive announcements detailing £14 billion worth of prestige economic development projects across the region, including a £500 million plan to turn the area around Birmingham’s wholesale markets in Digbeth into a “new South Bank” as a centre for Midland culture and arts.

Birmingham city council leader John Clancy, who is at MIPIM, said the Greater Birmingham stand had been “inundated” with potential investors asking about projects across the Midlands. He added:

We have certainly given them the wow factor.

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