Hammerson has announced plans for a major development in Birmingham which could dwarf the Bullring as it moves on from its failed Intu tie-up.
According to Property Week, the property giant will bring forward its “master plan” for a 6.5-acre (283,140sq ft) mixed-use scheme at the Martineau Galleries site on Dale End.
This prime location is situated between the proposed HS2 station on Curzon Street and the Colmore Row business district.
It is understood that the new development could outsize the Bullring, which Hammerson also owns alongside the Grand Central retail scheme next to New Street Station.
“We are working with Birmingham City Council evolving a concept masterplan for the Martineau Galleries site,” a spokesman told Property Week.
“It is an important strategic location in the city centre and we will be bringing forward the master plan later this year as well as progressing toward the submission of a planning application.”
Hammerson bought the site outright in 2015, but previously owned it alongside Landsec and Phoenix Group Holdings. In 2006 the group received planning consent for £550 million development, but the scheme never progressed.
Amid continuing regeneration in the city, Hammerson has been urged by local stakeholders to push forward with developing the site or sell it on to someone who would.
This follows an announcement earlier this week that Hammerson is scrapping its proposed £3.4 billion takeover of rival Intu and marks a positive trajectory for the group after a tumultuous period for its share prices.