Chamber HQ to be revamped after sale
THE home of Birmingham’s Chamber of Commerce has been bought in a sale and leaseback deal which would secure the business body’s financial future.
The site in Harborne Road, Edgbaston, has been sold for £4.75 million to Birminghambased Mercia Real Estate but the deal will see the chamber remain in situ.
Renowned Birmingham architect John Madin designed the complex which opened in 1960. He went on to design the former Central Library.
Speculation over the future of Chamber of Commerce House has grown in recent years after the group revealed in 2014 that it wanted to sell the building to plug a pension deficit and move to a new HQ.
Rumours later circulated that Chinese investors were eyeing the site and in 2016 the Government granted it a Certificate of Immunity from Listing, paving the way for potential redevelopment.
Greater Birmingham Chambers of Commerce was established in 1813 and moved to the site, which is also leased by other tenants, in 1960 from the New Street headquarters it had occupied since 1916. The chamber now has more than 3,000 businesses as members and is today made up of ten divisional chambers across the West Midlands.
Chairman of its board David Waller said: “This move secures the long-term future of the chamber and means it will continue to occupy its existing offices.
“The pension fund trustees have agreed to the sale and the deal derisks the chamber at a crucial time and sets up the organisation for the future.
“It means we can maintain and strengthen the widespread support we have been able to provide for businesses of all types and sizes in Greater Birmingham and beyond for many years.”
The plans could see additional offices built alongside the original, as well as new roof space.
The building was one on campaign group Brutiful Birmingham’s watch list after feared it could be demolished a few years ago. Chamber chief executive Paul Faulkner said: “Mercia has drawn up some inspiring plans which include modernising the building as well as constructing new space on the top of the two wings which make up the headquarters.
“The plan, in due course, is for the chamber to occupy the new additional two floors over the existing seven-storey block which will provide a stunning view over the ever changing city-scape of Birmingham.”
Mercia Real Estate’s chief executive Samuel Clark said: “We are pleased to have completed this acquisition and worked closely with the chamber to agree a 25-year leaseback which gives them the security to plan and continue to deliver much-needed support to the local business community.
“When the Edgbaston link to the West Midlands Metro is complete, the building will be ideally located with excellent connectivity to the city core and ample car parking provision just outside the clean air zone. We will be working closely with local stakeholders to identify opportunities to increase the density of the site and provide a landmark mixed-use development at the centre of Edgbaston Village.”