Professional services giant PwC has become the first company to sign up for the Paradise development.
PwC is moving its 1,400-strong Birmingham team from Cornwall Court to 90,000 sq ft on the top four and a half floors of the landmark One Chamberlain Square office building, on a 20-year lease.
It marks a major boost for the £500 million, transformational Paradise development happening before our eyes with the demolition of Central Library.
John Clancy, leader of Birmingham City Council, said the move showed the strength of the city’s financail sector.
He said: “Paradise is set to bring thousands of jobs, massive improvements and significant investment to the city centre over the coming years, and PwC’s commitment to move its Birmingham presence here only emphasises the strategic importance of the Paradise scheme in the city’s commercial future.
“Investment in the city by Deutsche Bank and HSBC’s recent commitment clearly indicate the great attractiveness of Birmingham as a business destination. The city’s unrivalled transport links and reasonable business costs make it a prime location for national and international businesses seeking the very best office space in the UK, and Paradise, as part of the City Centre Enterprise Zone, will play a leading part in this.”
PwC will relocate to One Chamberlain Square in early 2019, in line with the conclusion of its existing Cornwall Court lease in Cornwall Street, Birmingham.
Designed by renowned award-winning architect Eric Parry, One Chamberlain Square will be a seven storey, office building with shops and restaurants on the ground floor.
It will overlook the refurbished and enhanced Chamberlain Square, surrounded by some of the UK’s finest Victorian civic buildings – including Town Hall, Birmingham Museum & Art Gallery and Council House.
Matt Hammond, Regional Chairman of PwC in the Midlands, said: “One Chamberlain Square at Paradise was the natural choice for us. As part of Birmingham’s City Centre Enterprise Zone, the development is a key part of the city’s growth strategy to attract business and investors, create jobs and improve infrastructure.”
The Paradise redevelopment is being brought forward through Paradise Circus Limited Partnership (PCLP), a private-public joint venture between Birmingham City Council and Hermes Investment Management, which has also partnered with Canada Pension Plan Investment Board (CPPIB). Argent is acting as development manager.
Central Library demolition
Planning permission for two office buildings was secured last year.
Regional Director of Argent, Rob Groves, said: “As the vision to create the city’s premier business address at Paradise begins to take shape, there could be no better endorsement than PwC’s announcement to be the first tenant. Its decision reflects the current momentum behind the scheme and the recognition of Paradise as Birmingham’s exemplar commercial development.”
Infrastructure works on the office are already underway and have been funded through an approved £61m investment by the Greater Birmingham and Solihull Local Enterprise Partnership.
Construction of One Chamberlain Square will begin shortly, with completion expected in autumn 2018. The public realm enhancements to Chamberlain Square will also be implemented during this period and the second speculative office building, Two Chamberlain Square designed by Birmingham’s Glenn Howells Architects will complete in late 2019.
