PwC signs up as first tenant for £500m Birmingham regeneration

The company will move in to Paradise Birmingham in early 2019, having agreed to relocate its 1,400 members of staff in Birmingham to a brand new office.

The Telegraph reports that the deal is a coup for the £500m project, which is enjoying a run of good news having earlier this month secured funding from the Canada Pension Plan Investment Board for 50pc of the value of its first phase.

Extending to 17 acres, the site is currently one of the most significant redevelopment projects in the UK, encapsulating some of Birmingham’s most recognisable buildings, such as the Central Library and the Conservatoire.

These will be demolished to make way for 10 new buildings, including offices and a hotel, as well as new transport links. It is expected to create 15,000 jobs.

The project is also being backed by the BT Pension Scheme, managed by Hermes Investment Management, which works alongside Birmingham City Council.

Argent, the developer behind the transformation of King’s Cross, is building the scheme.

Matt Hammond, regional chairman of PwC in the Midlands, said the business was keen to be at the centre of Birmingham’s enterprise zone, a specially selected area of the city designed to entice employers through incentives such as more favourable tax conditions.

The construction of the new PwC office will begin later this year once the library is demolished.

Rob Groves, regional director of Argent, said: “[PwC’s] decision reflects the current momentum behind the scheme and the recognition of Paradise as Birmingham’s exemplar commercial development.”

Birmingham has been boosted in recent months by a number of big businesses choosing to move into the area. Deutsche Bank and HSBC have both recently signed for big new offices in the city, bringing hundreds of jobs.

Earlier this week, Birmingham, along with a host of other Midlands cities, set out a pitch to attract around £14bn worth of investment in the region.

The plan, dubbed the Midlands Engine Pitchbook, will be used to showcase investment opportunities to key markets such as China and the US. It detailed 33 opportunities for investors, which combined could create 178,000 jobs, 32,000 new homes and 57.9m sq ft of property space for the region.

The Midlands attracted 880 foreign direct investment projects between 2011 and 2015, more than any other region.