University completes acquisition of landmark city centre building
The University of Birmingham has completed its acquisition of a landmark building in the centre of the city, in a locally-advised deal.
The deal will see the former Birmingham Municipal Bank in Broad Street enjoy a new lease of life as a community hub and museum.
The University is proposing to create a gateway amenity to the city centre, capitalising on the building’s prime location next to Arena Central, within Centenary Square and opposite the Library of Birmingham.
Its plan will see the building become a research showcase with museum space, a community hub, performance space for music/film/arts and drama, a business engagement element with major corporates, blue-chip, tech partners and an arts and music showcase.
Law firm Mills & Reeve advised the University on the acquisition after Birmingham City Council declared the building surplus to its requirements.
Trevor Payne, director of estates at the University of Birmingham, said: “This is an exciting opportunity for the University to work with other public and private partners and play an important part in the redevelopment of the area whilst still preserving the heritage of the building.”
Christian Bull, partner for Mills & Reeve said: “The new site is adjacent to the exciting Arena Central redevelopment and complex negotiations were therefore needed with stakeholders including Birmingham City Council, HSBC and Arena Central, not only in relation to the University’s acquisition of the property but also regarding its access and use of the building. We are delighted that the University will have a new home in the heart of the city.”
The building, which opened in 1933, was designed by architect Thomas Cecil Howitt in the Monumental Classical architectural style.
The property served as the headquarters of the Birmingham Municipal Bank, originally the Birmingham Corporation Savings Bank, which was established by a 1916 Act of Parliament to help fund the war effort during the First World War. It subsequently became the first and only municipal bank in the country.
After it closed in the 1990s, the building was preserved and has been used as a film set for various TV and film productions, while it has also served as a temporary exhibition hall and was even used by John Lewis as the venue for a city reception announcing the retailer’s intention to open a new store at Grand Central.
The building became a prime piece of real estate because of its position sandwiched between the new headquarters of HSBC’s UK bank and 3 Arena Central.
