Birmingham’s Irish Quarter Office & Leisure Development in Jeopardy
The ┬ú150m transformation of a 4.5 acre site of derelict properties and land in Birmingham’s Irish Quarter, which was due to be redeveloped by Connaught Square Ltd before the firm collapsed, is now said to be in jeopardy.
Administrators Begbies Traynor were called in for Connaught Square Ltd when government-backed Allied Irish Bank refused to fund the scheme. However, Begbies Traynor have said that they believe the site offers considerable potential for the right developer.
The site, which is located off High Street in Deritend near to the popular Custard Factory, now needs a new financial backer to take over the development and see it through to completion.
“This is an historic site just off the city centre and represents a major opportunity for the right developer,” said Neil Mather, joint administrator, according to TheBusinessDesk.
He added: “We are in the early stages of assessing the position regarding Connaught Square Ltd. We will be examining the options and in due course will be looking to assess what interest there may be from the wider property world.”
The site has been cleared following demolition of the existing buildings. The development, which was known as Rivercross, was due to supply office space in Birmingham along with new apartments, a hotel with 36 serviced apartments, underground car parking spaces, two new public squares and public amenity space. Shops, bars and restaurants were also due to be included.
The scheme was expected to create around 800 jobs, but a question mark now sits over the future of the scheme as the administrators wait for significant interest from other development companies.