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Salhia International Investments Ltd, a Jersey based company and a wholly owned subsidiary, has been created to benefit from the current UK tax regime, and to acquire the shareholding of Ingleby (1733) Ltd. Ingleby owns properties in central Birmingham which are being held for a major mixed use city centre development. Birmingham is one of England’s most important cities outside of London with a population of over 2 million people and a total catchment of around 20 million people within 1 hour’s drive of the City centre.
The Birmingham project, known as The Beorma Quarter, Digbeth, is a major potential central city regeneration project. It will comprise a mixed use office, hotel and residential development close to the centre of Birmingham and adjacent to the Bull Ring Shopping Centre, a 93,000 m2 prestigious scheme which is acknowledged as one of the most successful shopping centre schemes in the UK and includes Selfridges, an iconic and widely known building.
A formal planning application was submitted in February 2009 to Birmingham City Council and a resolution to grant consent was given at Committee in May with final approval following Judicial Review granted unanimously in November 2009. The scheme will provide space in excess of 59,500 m2 gross.
This is an important and historical site and the proposed project fits into the Birmingham Big City plan. Salhia’s involvement of a development of this scale has been warmly welcomed by Birmingham City Council and all other relevant stakeholders. Construction is proposed to be carried out in phases, commencing towards the end of 2010.