Hammerson has taken full control of development opportunities having acquired the remainder of the Martineau Galleries.
CoStar revealed last year that Hammerson had made an offer to take full-control of the site after Benson Elliot had gone under-offer to buy the opportunity for circa £28m.
In a statement, Hammerson said: “Hammerson confirms that it has acquired the additional interests in the Martineau Galleries joint venture in Birmingham, giving it 100% ownership of the site.
“This acquisition will enable Hammerson to consider a number of potential strategic development opportunities in the medium term and clearly demonstrates the company’s commitment to Birmingham as a city with some of the UK’s most exciting investment prospect.”
The Martineau Galleries Partnership, a joint venture between Land Securities, Hammerson and Pearl Group, brought to market for sale its long-mooted circa £600m Martineau Galleries development opportunity in the centre of Birmingham via Knight Frank last year.
The site currently includes the 270,000 sq ft 'The Square' shopping centre, two vacant offices in Dale End, two NCP car parks and a parade of shops. It has a circa £2m rent roll.
The partners had a consent first awarded in 2006 that lapsed at the end of last year for a circa £600m GDV scheme comprising 915,000 sq ft of shops, 270,000 sq ft of offices, a 320,000 sq ft hotel or 850 homes, 215,000 sq ft of leisure space and 54,000 sq ft of cultural space.
The partners and council have explored a reduction in the amount of retail planned for the area in favour of more homes and offices and it is understood that the site has been marketed as both a retail-led opportunity as well as a revised scheme more focused on other uses such as student housing, residential or leisure.
It is unclear what Hammerson plans to do with the site.
Knight Frank represented The Martineau Galleries Partnership.
31 MARCH 2015, United Kingdom
Source: СoStar News