Singapore firm buys ‘Octagon’ skyscraper
Property developer to take on proposed 49-storey tower
ASINGAPOREAN property firm has bought Birmingham’s planned new 49-storey octagonal apartment tower.
City Developments has purchased and will develop the new ‘Octagon’ building on the edge of the £700 million Paradise scheme which is billed as “the world’s tallest pure octagonal residential skyscraper”.
The £110 million project will be 509 feet tall and is set to be completed in 2025 after securing planning consent earlier this year.
Site works have now started following the appointment of main contractor Midgard which is demolishing the existing 77 Paradise Circus Queensway office building and building the new tower.
The organisation leading Paradise Birmingham, MEPC, will remain as development manager of the building.
Midgard has worked on a range of tall towers including in Canary Wharf, London.
It will install a 587-foot tower crane on site in the first half of 2022 which it said would be the tallest tower crane ever used in the city and as high as the Gherkin in London.
Octagon, designed by Birmingham-based Glenn Howells Architects, will have 370 apartments to rent only ranging from one to three bedrooms.
The apartment tower is the first residential element of the Paradise scheme which had always been billed as an office-led project prior the plans being initially unveiled last year.
The first two office buildings – One and Two Chamberlain Square – now have tenants in situ such as financial services firm PwC and law firms DLA Piper and Knights as well as dining out venues including Albert’s Schloss which opened earlier this month.
Neil McGinty, UK development director at City Developments, said: “We are delighted to collaborate with MEPC to develop the visionary Octagon residential tower which will transform Birmingham’s skyline.
“Since we made our foray into the UK build-to-rent segment in 2019 with the acquisition of The Junction in Leeds, we have been looking for opportunities to grow our portfolio strategically through the development of iconic build-to-rent residential landmarks. Our investment in the Paradise project allows us the unique opportunity to actively participate in the rejuvenation of the Birmingham city region.”
Rob Groves, regional development director with MEPC, added: “Attracting an investor of the reputation and quality of City Developments is a
major coup for Paradise and Birmingham. They are a major player globally and have shown great confidence in the city and the region.
“The award of lead contractor to Midgard for the construction of Octagon is another pivotal moment in the life of this project.
“It demonstrates our commitment to excellence during the construction phase of the building and beyond.
“Octagon is a game-changer for the city’s skyline and to now have spades in the ground brings us closer to realising our vision for a unique, world-class building right in the heart of Birmingham.”
Kevin Keegan, group director at
Midgard, said: “This is a significant project for Birmingham and the city centre and we look forward to making immediate progress during the coming months.”
Property consultancy Knight Frank advised on the deal.
The agency’s head of build-to-rent Jonny Stevenson said: “Octagon reaffirms the city’s status as a best-inclass location for investment and shows the depth of capital looking for opportunities outside of London.
“City Development’s confidence in Birmingham and the scheme itself reiterates the strength and depth of renter demand in the city and Knight Frank is proud to have brokered this landmark deal.”