Financial services firm takes entire building
PwC has acquired an entire building at £700 million Paradise project at Birmingham
Financial services firm, PwC, has acquired more office space as part of its growth plans. It has taken up an entire building which is scheduled to complete in summer 2019. The property in concern is Paradise project worth £700 million. The property is under construction at present on the site of the old Central Library. PwC will occupy the entire eight-story building and shift some of its staff there. Apart from the company’s current staff, it will add 1,000 more to its Birmingham team.
The company had announced in March 2016 that it had agreed to lease four and half floors at the site. Now, PwC is extending the 20-year deal to take all of the 150,000 sq. ft. of office space in the building. As the company grows across the Midlands, it intends to focus on expansion. It plans to relocate 1,400 of its staff from its current base in Cornwell Street. It already has offices in Castle Donington and Milton Keynes.
Regional chairman at Midlands, Matthew Hammond said that this is a significant move for PwC and one of the largest regional investments it has ever made in the UK. He added that its new place in the heart of Birmingham gives it the opportunity to grow and deepen the skills of existing teams and client relationships across the Midlands. He said that PwC is actively expanding its presence across the UK to match the changing footprint of its clients and make the most of new opportunities in fast growing regions like Birmingham and the West Midlands.
A joint venture between Birmingham City Council, Hermes Investment Management and Canada Pension Plan Investment Board, the current project is part of the wider Paradise project will be an elaborate one and host a number of office buildings and commercial establishments. Argent is the development manager for the project. Paradise project will include a new traffic system around the former Paradise Circus Island. Other commercial places at the site will include a new hotel, units for cafés, restaurants and shops and new public realm. The project is slated to complete in 2026.
Chris Taylor, head of private markets at Hermes Investment Management said that Paradise is of pivotal importance to the rejuvenation of Birmingham city centre as a dynamic commercial destination, attracting talent and global capital. He said that it is, therefore, fitting that PwC has made the decision to further expand its business presence at One Chamberlain Square.
Taylor added that the extensive enhancements it has made to Paradise, together with world-class place making and environmental improvements, will help transform the city centre and create a sense of pride, identity and belonging for the wider citizens of Birmingham.
PwC was advised by CBRE and Squire Patton Boggs, while Paradise was represented by GVA and Berwin Leighton Paisner.