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6 December 2005
THE DEVELOPMENT agreement has been formalised for City Park Gate, the second phase of the multi-million pound Masshouse regeneration project.
A joint venture between Countryside Properties, Quintain and Birmingham City Council will develop a £100m-plus mixed-use development designed by internationally renowned architects the Richard Rogers Partnership alongside the Selfridges building and the new Bullring.
The 5.75 acre (2.3ha) City Park Gate scheme will complement the first phase of Masshouse, the commercially led mixed-use scheme designed by leading international architect Ted Cullinan.
City Park Gate will be a major gateway to Eastside, the ten year £6bn project to create a new cultural and learning quarter for Birmingham. Eastside is fast-developing as the next step in the continuing regeneration of the city centre. The projects around Eastside involving the Bullring, Martineau Galleries and Masshouse are expected to produce at least as dramatic a transformation as Brindleyplace did for the west of the city, and to a tighter timescale.
The City Park Gate proposals comprise 608 apartments, of which 152 will be affordable homes provided through a housing association, approximately 125,000 sq ft of net office accommodation and 105,000 sq ft of retail space including a 60,000 sq ft food store. The proposals also include the refurbishment of the Grade II listed Fox and Grapes public house and the provision of a high quality public realm.
The creation of a Southern Gateway provides the vital connection between the bus mall, Moore Street Station and Bull Ring with the Eastside district beyond City Park Gate. The forming of a new Northern pedestrian gateway will provide a link from the new City Park to Martineau Galleries.
Countryside Properties and Quintain are currently preparing the detailed planning application for City Park Gate which should be submitted to Birmingham City Council by late 2006. It is anticipated that work will start on site in mid 2007.
We are thrilled that these two nationally renowned developers who are both leaders in the field of urban regeneration have been attracted to Birmingham. There are now significant commitments made to major schemes in Eastside with developers already on site. And more in the pipeline to come. This shows that Birmingham is able to compete for investment, building on the success of the City. This validates our recent European City of the Future Award.
Mike Whitby, Leader of Birmingham City Council
Birmingham City Council Cabinet Member for Regeneration Councillor Ken Hardeman said, "This is a high quality scheme which will sit well next to the Bullring and Selfridges. The signing of the development agreement will keep up the momentum of development in Eastside and be the catalyst for further investment in the area."
Alan Cherry, Chairman of Countryside Properties PLC said "We are absolutely delighted to have signed the development agreement for this landmark scheme. It will enable us to deliver our vision of a sustainable mixed-use development that will create an important gateway to Birmingham's City Centre. We look forward to applying our skills in delivering major urban regeneration projects to this scheme and working with the City Council to ensure that our joint aspirations for the site are realised."
Nick Shattock, Property Director at Quintain said, "This is a strategic move for Quintain, with our holdings in Smallbrook Queensway, adjoining the Bullring, we now have the capacity to become a major player in Birmingham market and make a difference, as we have in London with Greenwich and Wembley. We are delighted to be working again with Countryside following the smooth running success of Abbey Mills in Merton."
Notes to Editors:
Countryside Properties PLC is a specialist development company recognised in particular for the development of sustainable communities and urban regeneration. Countryside Properties' operations are mainly in London and the South East, the East and the North West of England. Based in Brentwood, Essex, the Company directly employs around 800 people and has regional offices in London and Warrington. The Company's key projects include: Greenwich Millennium Village, London; St Mary's Island, Chatham Maritime, Kent; Peckham Programme, London and Didsbury Point, Manchester.
Quintain Estates and Development PLC specialises in strategic property acquisition, redevelopment, asset management and regeneration across the UK in all property sectors. Listed on the London Stock Exchange and a member of the FTSE 250, Quintain has a market cap in excess of E750m. Average returns to date are in the region of 19 per cent per annum. Quintain recently won the accolade of the EPRA Property Company of the Year 2005 and the company is recognised as the best performing UK property fund as measured by the Investment Property Databank (IPD) Mach Universe.
Quintain is leading the UK's largest regeneration projects, including the regeneration of 246 acres of land defined as "Opportunity Areas" in the Mayor of London's London Plan. The best known examples are that of Wembley and Greenwich. At Wembley, Quintain controls 70 acres of land surrounding the National Stadium. The mixed-use scheme, masterplanned by the Richard Rogers Partnership, has consent for 6.2m sq ft with potential for up to 8.0m sq ft. At the Greenwich Peninsula, Meridian Delta Ltd, a joint venture between Quintain and Lend Lease has been granted a consent for a 13.2m sq ft mixed-use scheme.
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Information correct as at 06/12/2005