MIPIM 2016: PwC has agreed a prelet to be the first tenant at Paradise Circus Limited Partnership’s £500m Paradise regeneration development in Birmingham.
The deal is being announced at MIPIM this afternoon. The professional services firm will relocate 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.
The move will take place in 2019, to coincide with the conclusion of PwC’s lease at Cornwall Court.
Designed by architect Eric Parry, One Chamberlain Square will be a seven-storey office block with ground-floor shops and restaurants overlooking the revamped Chamberlain Square.
Rumours had been circulating Birmingham’s property market for some time regarding PwC taking space at the 1.8m sq ft Paradise regeneration project – a key part of the UK’s biggest enterprise zone.
Matt Hammond, regional chairman of PwC in the Midlands, said: “One Chamberlain Square at Paradise was the natural choice for us. With its high quality office space and central location in the city’s newest development, it perfectly reflects the profile and professional requirements of PwC, while offering our staff, clients and visitors a truly first-class working environment. We have worked extremely closely with the Paradise team to ensure One Chamberlain Square will deliver the very best space for our business going forward.”
Development manager Argent won detailed consent last autumn for the first two speculative buildings and public realm. Construction of the 172,000 sq ft One Chamberlain Square and 184,000 sq ft Two Chamberlain Square will start on site in the summer, following the demolition of the old library, which started in December 2015.
Completion of One Chamberlain Square is due in autumn 2018. The Glenn Howells Architects-designed Two Chamberlain Square will complete late 2019.
Paradise Circus Limited Partnership is a private-public joint venture with Hermes Investment Management, Birmingham City Council and Canada Pension Plan Investment Board.
CBRE advised PwC. Bilfinger GVA is letting agent.
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