Kuwaiti listed group Salhia has announced that it has submitted plans for two further phases at its Beorma Quarter mixed-use project in the heart of Birmingham city centre, bringing total investment for the scheme to £158 mln (€180 mln).
The scheme, which takes its name from the first settlement of Birmingham during the Anglo-Saxon period, will encompass over 200,000 sq ft (18,500 m2) of office accommodation including the city’s tallest office tower as well as 170 apartments, 15,000 sq ft of retail, restaurants, hotel plus a new landscaped piazza.
Phase I cost over £18 mln and is mostly completed. The newly-announced Phases II and III will cost more than £140 mln and feature three new blocks. The scheme is entirely financed by Salhia and is located next to the Bullring shopping centre.
Salhia is seeking pre-lets of the commercial office space through agent C&W and negotiations are ongoing with several parties.
Waheed Nazir, corporate director of economy at Birmingham City Council, said: 'The city is experiencing unprecedented levels of growth which is set to continue over the next 15 years.'
Abdulaziz Al-Nafisi, deputy Chief Executive Officer of 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.'