NAMA to sell Birmingham site

NAMA to sell Birmingham site

NAMA

A 4.5 acre development site 200 yards away from Birmingham’s Bullring in England is to be sold by the National Asset Management Agency.

Asset managers at ROM Capital are believed to have been instructed to sell the Connaught Square site, which had been earmarked for a £150m scheme, comprising 658 apartments, a four-star hotel with sky bar and a new Irish Centre.

Restructuring and insolvency firm Begbies Traynor was  appointed in June 2010 as administrator to Connaught Square Ltd, a vehicle of Irish-based company Naus Group.

The site is next to Birmingham coach station and runs between Digbeth’s two principal thoroughfares, the High Street and Bradford Street.

It would have contained 1,000 underground parking spaces, two public squares that straddle the River Rea and public amenity space. Allied Irish Bank was to have funded the scheme.

That existing planning consent  is now believed to be unworkable, and a buyer would likely apply for a fresh, more modest scheme.

Neil Mather and John Kelly are joint administrators at the site.

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