Birmingham's Paradise Circus to be redeveloped - commercial mortgages

20 October 2008

In news that may interest those with commercial mortgages, permission is being sought for a new mixed-use development in Birmingham city centre.

The council and developer Argent are seeking approval from the cabinet in order to enter into an exclusivity agreement that will see them redevelop Paradise Circus.

Other significant landowners, including Birmingham City University and the Copthorne Hotel, are being consulted and may also enter into a joint venture on the project.

Argent and the council hope to improve access between the east and west sides of the city by opening up the Paradise Circus site, which lies between Centenary and Chamberlain Squares.

It will consist of offices, retail, hotel, civic and residential areas.

Councillor Neville Summerfield, cabinet member for regeneration, remarked: "Redeveloping Paradise Circus is a key component of our ongoing plans to regenerate and reinvigorate vital areas of the city centre."

Argent is also set to redevelop Elizabeth House in Manchester city centre.