MEPC takes over next phase of £700m Birmingham Paradise scheme

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Paradise development birmingham

Argent’s team working on the £700m Paradise development in Birmingham will be joining the MEPC, the asset management subsidiary of Federated Hermes

The team will continue to be led by Rob Groves based in Birmingham and work closely with Birmingham City Council, which is a joint venture partner with BTPS and CPPIB, on the project.

They officially joined MEPC on 1 July 2021 and the operations will remain the same – to continue to focus on delivering the second and third phases of the regeneration of Paradise, Birmingham.

The new structure combines the investment, development and asset management expertise into one business to build on the relationships, experience and skills of the Birmingham team.

The transition to MEPC comes at the appropriate time for the project following the successful completion of phase one by the development manager, Argent which delivered One and Two Chamberlain Square with major occupiers including Price Waterhouse Cooper and new retailers and dining to Birmingham such as Dishoom, Rosa’s and Vinoteca, as well as a new public square for the city.

At almost 2 million sq ft, Paradise will deliver up to ten new buildings, offering offices, shops, bars, cafés, restaurants, a high-quality hotel and a 49-storey residential tower across 17 acres in the heart of the city.

The Paradise redevelopment is being brought forward through Paradise Circus Limited Partnership (PCLP), a private-public joint venture with Birmingham City Council.

Developing regeneration projects

Chris Taylor, chairman of MEPC and CEO of real estate at the international business of Federated Hermes, said: “For the citizens of Birmingham, Paradise is one of the most important developments in a generation and Federated Hermes’ is committed to its full delivery for all stakeholders, including shareholders and joint venture partners.

“Rob and his team bring a raft of experience to MEPC and Federated Hermes, as we look to further develop our regional regeneration projects across the UK. We look forward to welcoming them to the team and continue their excellent work on Paradise Birmingham.

“We would like to thank Argent for its outstanding expertise and guidance on the first phase of this flagship project.”

Robert Evans, joint managing partner of Argent, added: “We are very proud of what the Argent team have achieved in leading this transformational project for Birmingham.

“Argent and Federated Hermes have worked successfully together for more than two decades and we have a long history of delivering great projects in Birmingham.

“We know that the team will continue to flourish and wish them every success as part of MEPC. This transition follows the completion of phase one of the Paradise development and is also timed with our business strategy to focus on King’s Cross, Brent Cross and Tottenham Hale and projects where Argent Related is the developer-owner-operator.”

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