Major property deal to bring forward landmark mixed-use scheme
A 178,000 sq ft gateway building to Birmingham city centre has been sold, paving the way for a major mixed-use scheme.
Birmingham City Council’s 1.33-acre site at 1 Lancaster Circus has been sold to to Sama Investment Group for an undiclosed sum. The deal was brokered by JLL.
Plans for the site, which remain subject to planning permission, include the proposed development of a landmark building as part of a mixed-use scheme.
Established in 2019, Sama Investment Group is the UK’s first regionally-focussed Shariah-compliant property developer, drawing in funds from British and international Muslim investors.
Bilal Ahmed, founder and chairman at Sama Investments, said: “Sama are immensely pleased to have acquired this prestigious site. Lancaster Circus offers fantastic potential, which is reflected in our plans to regenerate this vital part of Birmingham. We look forward to working with all stakeholders to deliver a first-class mixed-use development that is in line with the Council’s Big City vision, and will add value to local residents and businesses, and to our investors.”
William Cox, director at JLL in Birmingham, said: “Following the success of the Commonwealth Games, Birmingham continues to be an attractive investment opportunity on the global stage. We are seeing strong appetite from developers and investors looking for opportunities in the city centre.
“In this instance, Sama Investment Group was selected due to their ambitious proposals. We look forward to seeing how their plans evolve and we are confident this high-profile scheme will further boost our already-thriving city centre.”