Argent, acting on behalf of Hermes Investment Management, the £24.1 billion manager focused on delivering superior, sustainable, risk adjusted returns to its clients – responsibly, and Canada Pension Plan Investment Board (CPPIB), a professional investment management organisation that invests on behalf of 18 million Canada Pension Plan contributors and beneficiaries, has appointed Carillion to build the Eric Parry designed One Chamberlain Square at Paradise in Birmingham.
The news follows the announcement that PwC will be occupying 90,000 sq ft on the top four and a half floors of the building on completion.
The seven-storey building is situated at the very heart of the development, fronting both Chamberlain Square and the proposed Congreve Square. Using a variety of materials to complement the surrounding listed architecture in the area, the 172,000 sq ft building will boast a large roof terrace on the sixth floor offering spectacular views across the city, while restaurants and retail units will sit at ground level. PwC will be relocating its 1,400 strong Birmingham team to the top four and half floors in early 2019.
Chris Taylor, Head of Private Markets at Hermes Investment Management, commented: “As part of the UK’s biggest Enterprise Zone, Paradise is delivering the next generation of office space for Birmingham as well as protecting and enhancing the cultural heart of the city. The significant investment being made in Paradise is a testament to the region’s increasing competitive profile in the international marketplace and the growing demand of businesses looking to relocate to the region.
“We are confident Carillion will be able to deliver as they have prior knowledge of the complexities of the development, having been working on site since January 2015.”
Argent is the development manager on the project, Regional Director of Argent, Rob Groves said: “Carillion has been making good progress preparing this complex site and the surrounding infrastructure and is about to start the delivery of the foundations and basement for the first phase of buildings. We are very pleased that Carillion will now be able to continue this work and bring One Chamberlain Square to life.
“We have already seen a remarkable transformation of the Paradise site and we will soon be able to see the first building start to rise in this new commercial centre. Over the coming years Birmingham will witness a radical and positive change in the city’s historical and civic core as we deliver phase one of this significant development and plan for delivery of the next phase.”
Carillion, Operations Director, Simon Dingle said: “Paradise is a crucial project for the city and Carillion is very proud to be playing such a major role in its development. We are looking forward to completing the enabling works on the site and being able to bring our considerable experience to construct One Chamberlain Square.”
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 early 2019.
The Paradise redevelopment is being brought forward through PCLP, a private-public joint venture with Birmingham City Council. The private sector funding is being managed by Hermes Investment Management which has partnered with Canada Pension Plan Investment Board (CPPIB) on the first phase of the development.
Letting agents for One and Two Chamberlain Square are Bilfinger GVA and CBRE.
