JLL secures major Birmingham deal
On behalf of Kier Property
JLL has completed a £30 million deal in the city centre, acting on behalf of Kier Property.
Kier Property has acquired the development rights for the final phase of development at Arena Central, which is already home to HSBC UK and will be the new regional hub for HMRC, housing 3,600 employees by 2020.
Kier Property will now control the scheme, and is accelerating plans to bring forward the first phase of their development plans for the site.
Arena Central is capable of delivering over 525,000 sq ft of much needed Grade A office accommodation, with the potential for the new owner to explore additional complementary residential, hotel, retail and leisure opportunities at the scheme.
The acquisition substantially increases Kier Property’s activities in the West Midlands and will enable the group to continue to develop the masterplan and create a place where people want to work, shop and socialize in Birmingham.
Ben Kelly director Capital Markets said: “Arena Central is a landmark redevelopment scheme in Birmingham city centre, which has generated exceptional forward momentum with the recent transactions with HMRC and HSBC.
“The remaining 2.5 acres of development land provide Kier Property with a unique opportunity to control and develop a prime city centre scheme, maximising the potential of the remaining development plots, and generating significant scale and profile for our client within the Birmingham market.”