A complex of run-down buildings in Birmingham’s Jewellery Quarter is set to be converted into a mixed-use development including new restaurants and apartments.
London Development Group has bought the series of connected buildings on the corner of Caroline Street and Regent Place for an undisclosed sum, marking the firm’s first investment in Birmingham.
The site has six buildings, two of which are grade II listed with parts dating back as far as the 1830s, but it has suffered from neglect in recent years and sections have now become derelict.
Current tenants include a taxi rank, café and independent bar Rock & Roll Brewhouse but it is not known at this stage what will happen to them going forward.
London Development Group said its proposals for the site were still in the early stages of development but it anticipated they would include space for high-end restaurants, offices and new homes.
As part of its plans, it intends to open up previously unused elements and expand the gross internal area to around 40,000 sq ft.
A statement from the firm said: “The buildings are in various states of disrepair and neglect, without investment they will likely slip further into decay.
“This is one of seven historic Jewellery Quarter sites which Birmingham City Council and Historic England have identified as in need of restoration.
“London Development Group will work with Birmingham City Council and Historic England to ensure the development enhances the historic street scape.”
Chief executive Daniel Obertelli added: “We made the decision last January to expand our acquisition remit to include Birmingham.
“This acquisition represents our confidence in Birmingham’s economy during a period of unprecedented growth for the city.
“This development will involve sensitive restoration and careful attention to detail in order to maintain the character of this historic Jewellery Quarter site.
“We are looking forward to working with Birmingham City Council, Historic England as well as our neighbours and local community groups to develop proposals which will enrich the area.”
The buildings were bought by Raybone Developments from a private investor a year ago for more than £2 million.