A redundant city centre office building – the former home of the Carpe Diem bar – is set to be brought back to life after changing hands.
Seven Capital, which has gone on an investment spree in the city centre, has bought the 60,000 sq ft Britannia House, on Great Charles Street, in an undisclosed deal from Constantine Land.
The building already has planning consent for a £4 million scheme to develop it into offices, known as 7 New Market Street.
However, managing director Phil Carlin said the firm was now considering the best use for the building.
He was guarded about plans for the building, as proposals are yet to be drawn up, but said it would either be a residential scheme or and office scheme.
He said: “It is an unloved office building which we are going to bring back to life.
“It has got consent for offices. There is existing consent, but we are exploring our options at the moment.”
He added: “It is a rare opportunity to buy an empty freehold office building in the traditional Colmore business district.
“It is a prominent building, and they don’t come along too often.
“Most office buildings are occupied in the city core, and this building is primed and ready to go.
“That is what we do, buy off people who have fallen out of love with a property and then get in there and rejuvenate and regenerate.”
The Post recently exclusively revealed Colmore Row firm Seven Capital had bought One Hagley Road at Five Ways in Edgbaston, the St George’s Urban Village scheme in the Jewellery Quarter and the Point North building at the Waterfront in Brierley Hill – with hundreds of homes being created in each.
The firm has an overarching plan to deliver 5,000 city living homes in Birmingham.
Planning permission for the 7 New Market Street scheme, drawn up by Associated Architects, was granted in 2012. It would see the 1959 building re-cladded, with a new entrance and a re-fit on the upper floors.
The 11-storey building fronts onto Great Charles Street and is perhaps best known for Carpe Diem previously occupying the bottom floor.
Mr Carlin said that plans to improve Snow Hill Station and the surrounding area – including the 2 Snowhill development – made this area an attractive proposition.
There are also plans to redevelop the area known as the “bomb site”, opposite, after it was bought by Sterling Property Ventures.
Mr Carlin added: “I see great prospect for Great Charles Street going forward. There are a lot of prospects for the area, on the back of things like Snow Hill Station.”