Broad Street office site The Square up for sale

The Square on Birmingham’s Broad Street is said to be up for sale, with proposals for a new high-rise development “likely”.

Real estate company the Freshwater Group and the Schools of King Edward VI have instructed a trio of agents to sell the long-leasehold of the site.

JLL, Avison Young and Highgate Land and Development have reportedly been engaged, according to company intelligence service Radius.

The 1.7 acre site includes terraced office buildings totalling just over 55,000 sq ft around a central area. It is being sold on a 250-year lease. It was bought by Freshwater in 2005 for £9.3m.

The site includes permissions for 98 apartments, agreed by Birmingham City Council, but a bigger scheme could be an option for the site, for up to 500 apartments.

Broad Street is home to a number of developments. Nearby, a 261-bedroom hotel from luxury brand Nyx has been proposed, as well as Moda Living’s 42-storey residential block, which will be the tallest building in Birmingham.

There is no guide price as yet for The Square, however the agents are looking at unconditional offers as well as those subject to planning offer, with a deadline of 12 June.

JLL and Avison Young have been contacted for further information, but according to Radius Data Exchange, Marks Birks, head of regional land and development at Avison Young, said: “The proposed redevelopment of the former Square office scheme presents a unique opportunity to promote and deliver a gateway site into Birmingham City Centre.

“The wholesale regeneration and extent of development within this area of Birmingham offers an exciting site with the potential to create a scheme of significant scale.”

Richard Roberts, director at Highgate Land and Development, said: “We’re expecting interest in the site from a variety of national and regional developers. Proposals are likely to be on the basis of a comprehensive high-rise new build development.”