Grainger Trust and Development Securities has revealed plans for a £350m 1.4m sq ft (130,063 sq m) mixed-use development on the 10-acre Curzon Park site in Birmingham.
The partners, who have acquired the site from the Eastside Partnership for £33.5m, plan to develop 800,000 sq ft of office accommodation, 400,000 sq ft of residential accommodation, a 180-bedroom hotel and 30,000 sq ft of retail space.
A planning application for the scheme, which has an estimated construction cost of £12m, is due to be submitted shortly. Development Securities will project manage the planning, infrastructure and commercial phases with Grainger project managing the residential component.
News of the proposed development coincided with DevSecs’ announcement that it had raised approximately £23.1m by way of a Placing of 3.7 million new Ordinary Shares at 625p each. The proceeds for the placing will be used to help finance DevSecs’ participation in the Curzon Park project.
DevSecs and Grainger hope that outline planning consent for Curzon Park should be obtained by summer 2007 and that construction will start on site in late 2007/early 2008. The overall development programme is expected to take up to eight years.