Global real estate developer City Developments Limited (CDL) from Singapore has purchased and is developing the site of the record-breaking 49-storey Octagon residential tower – the world’s tallest pure octagonal residential skyscraper.
The estimated total development cost (including land cost) is around £110 million. Located in the heart of Birmingham, Octagon will be 155 metres (509 feet) in height and will be Birmingham’s tallest building when completed in 2025.
The team leading Paradise Birmingham, MEPC, will remain as the Development Manager of the building.
Hertfordshire-based Midgard, the main contractor, has been awarded a 44-month contract to demolish the existing 77 Paradise Circus Queensway office building and build the majestic Octagon.
There will be a mix of accommodation in the building, with 370 one, two and three-bedroom apartments, including a number of affordable homes, together with communal space, concierge and resident amenities.
Octagon is designed by Birmingham-based Glenn Howells Architects and planning permission for the landmark building was awarded by Birmingham City Council.
The investment by developer CDL and the appointment of Midgard comes on the back of three new detailed planning applications that were recently submitted to Birmingham City Council to complete Phase Two of the Paradise Masterplan.
Midgard will install a 179-metre tower crane on site – the tallest tower crane ever used in the city and the same height as the Gherkin in London, or twice the height of the Statue of Liberty.
Neil McGinty, UK development director at CDL, said: "We are delighted to collaborate with MEPC to develop the visionary Octagon residential tower, which will transform Birmingham’s skyline."
Rob Groves, regional development director with Paradise development manager MEPC, said: "Attracting an investor of the reputation and quality of CDL is a major coup for Paradise and Birmingham. They are a major player globally and have shown great confidence in the city and the region."
Kevin Keegan, group director at Midgard, said: "This is a significant project for Birmingham and the city centre and we look forward to making immediate progress during the coming months."
