The property investor backing the redevelopment of Birmingham's NatWest Tower has acquired another project in the city.

Rockspring has agreed a forward sale with Linkcity, until recently called Bouygues Development, for its £50 million revamp of the old Silver Blades ice rink site near the Wholesale Markets.

Linkcity, which is also behind a new student development near Broad Street, is planning to demolish the existing building and replace it with an 11-storey block containing 334 apartments, retail space, a gym and 70-space car park.

Called The Beacon, the project was awarded planning permission last June and will be one of the city's first 'private rented sector' (PRS) schemes whereby all flats will be available to rent only.

A similar development is planned for the city council's Ludgate Hill Car Park, in the Jewellery Quarter, where Sterling Property Ventures will build 320 apartments along with new offices, parking and leisure space.

Sterling is also working with Rockspring on the demolition and new build of 103 Colmore Row, also known as the NatWest Tower, and its replacement with a 26-storey office block.

Paul Hampton, partner and fund director with Rockspring, said: "This is an exciting time for Birmingham, where we see a lot of potential emanating from socio-economic trends in the UK, with a number of high-profile companies across a range of sectors, including the professional and financial services sectors, moving significant parts of their operations there."

The Leisurebox in Pershore Street will make way for new flats
The Leisurebox in Pershore Street will make way for new flats

Known for many years as Silver Blades, the complex in Pershore Street closed down in 2003 following a fire when it was called Planet Ice but reopened in 2010 with a bowling alley as The Leisurebox before closing permanently in May 2014.

Construction group Thomas Vale, which is a sister company of Linkcity, is carrying out the new work which is scheduled for completion in 2018.

It will contain five studios, 262 one-bedroom and 67 two-bedroom apartments.

Linkcity's managing director Nicolas Guérin added: "This agreement signed with Rockspring paves the way for us to regenerate this city-centre site, providing much-needed new homes.

"Birmingham is an exciting city with a huge potential and has a very proactive and ambitious council. We look forward to delivering this project and continuing to explore further opportunities in the area."

Linkcity is carrying out the redevelopment in a joint venture with site owner Hallmark Investments.

It was designed by Warwick-based architecture firm Corstorphine + Wright while property consultancy CBRE advised the joint venture partners on the deal.