Brindleyplace - History

History

The area occupied by Brindleyplace was, at the height of Birmingham's industrial past, the site of factories, however, by the 1970s as Britain's manufacturing went into decline, the factories closed down and the buildings lay derelict for many years.

Birmingham City Council's aim was to create an environment of water features, walkways and new office and leisure buildings, that would open out onto the adjacent canal. The scheme was assembled by the council in the 1980s. The council were also seeing success with the construction of the International Convention Centre with the Symphony Hall, and the National Indoor Arena. A development brief was drawn up, identifying the site as an area to attract people to compliment the convention centre.

Initial proposals were drawn up by Merlin, who teamed with developers Shearwater. However, Merlin pulled out of the scheme and were replaced by Rosehaugh. Rosehaugh had paid £26 million for the site in 1990. Rosehaugh revised Merlin's retail-led scheme to include more office space and a residential element. By 1992, a detailed set of proposals which included retailing and restaurants with a central square had been agreed. However, Rosehaugh went into receivership by the end of the year. Argent took over the scheme, paying £3 million to the receivers. Argent slightly amended the plans by separating the residential element from the rest of the scheme and commencing construction of the Water's Edge first, along with an office building.

By 1995, when Argent refinanced the scheme, the land value was back over £25 million. The Water's Edge was trading successfully and the housing element, Symphony Court, had sold all of its units. The price for the average family house in the scheme was over £200,000. Short term finance was supplied by Hypobank.