Birmingham pushes ahead with commercial development - commercial mortgages

11 March 2008

In news which may interest those seeking commercial mortgages, the City of Birmingham has taken a jump forward in the amount of office space it can offer with the opening of a new complex in the city centre.

The 300,000 sq ft Colmore Plaza is now open to lettings, the Financial Times reports.

While suggesting this may be ill-timed given the recent property slowdown, the publication also notes that many in the city believe this and other additional space is much needed.

Philippa Pickavance, a partner at property consultancy Drivers Jonas, told the paper there had been a "dearth" of good office space in the city in the past.

She added: "This year and in spring 2009 around 700,000 sq ft of space will come on stream. But this is space we need."

The commercial regeneration of Birmingham is coming at a time when the council has plans to revitalise parts of the city.

Speaking at an event in Cannes city council leader Mike Whitby, told Property Week £10 million was being allocated from the 2008-09 budget for city centre regeneration projects.