Warwick Bar - Land at Fazeley Street

The site is located approximately 1.0km (0.6 miles) to the east of Colmore Row, which is considered as Birmingham City Centre. Birmingham Moor Street railway station is located circa 500m away and Birmingham New Street circa 900 m. The site is approximately five minutes' walk from the proposed HS2 arrival point into Birmingham, Curzon Street station. Homes England acquired the Fazeley Street site under the UK Governments “Single Land Programme” in 2016. The proposed parcel of land is a smaller portion of this overall site. Birmingham City Council adopted the Birmingham Development Plan in 2017. This identifies Digbeth as a Creative Quarter and new urban village primarily centred on creative industries, leisure and residential-led mixed use development, and the Council has actively investors and developers to deliver these uses within the area. In February 2022, Digbeth Loc Limited, an English Private Limited Company, approached Homes England with proposals to acquire a portion of the Agency’s land in Digbeth to deliver a TV studio led redevelopment by way of a direct negotiated disposal (via an Agreement for Lease). Following detailed consideration, the Agency agreed it was minded to consider the proposals and negotiate disposal terms on the basis of an Agreement for Lease at Market Value. Such an Agreement for Lease at Market Value, as permitted and envisaged within the Public Contract Regulations 2015; the Localism Act 2012 and accompanying regulations and circulars. The Agency has taken advice from external legal advisors and King's Counsel (KC) who have confirmed their opinion that such a lease agreement stands outside the Public Contract Regulations 2015 and does not constitute a procurable opportunity for the purposes of the Regulations. Digbeth Loc Limited have developed proposals for the delivery of a TV studio and related offices on the proposed area outlined in the Agreement for Lease. The gross development value of this scheme is, at 19/12/2022 £9,073,077 (GBP). This value has been reviewed and independently verified by RICS qualified valuers and Quantity Surveyors on behalf of the Homes England. As of 19/12/2022, an independent Red Book Valuation for the value of the area of land within the proposed Agreement for Lease has been obtained which supports the value of the transaction - Homes England is to sign an Agreement for Lease with Digbeth Loc Limited for £400,000 (GBP). This payment relates solely to the Banana Warehouse building and adjacent land to deliver a commercial TV studio premises, not the wider Fazeley Street site. The Agency has taken the view that given the nature of the transaction that it is appropriate to publish this Notice on a voluntary basis to satisfy the transparency requirements of both parties to the contract.