Ambitious plans for a mixed-use scheme in Birmingham have been given the go-ahead by the city's council.

The £150 million Beorma Quarter project will see a 27-storey tower set as its focal point providing business, leisure and retail opportunities for firms within the UK's second-largest city. Developers are set to begin construction on the site later this year and it is being earmarked as a major step in the regeneration of the Digbeth area of Birmingham. The tower will be the showpiece of the plan and will offer 300,000 sq ft of Grade A accommodation for any company that is aiming to set up business in the heart of the city centre.

Kuwait firm Salhia, which is one of the country's leading real estate and development businesses, is providing the funding behind the scheme which will also incorporate over 600,000 sq ft of retail space, a hotel and a public square for shoppers and residents alike to enjoy. Salhia has already secured funds for the first phase of the development after agreeing a deal with HSBC for the bank to provide £10 million towards the construction. Funding for the other parts of development will come from pre-lets already arranged on the premises.

Phase one will include the building of a 60,000 sq ft hotel as well the refurbishment of a grade II listed building situated on Digbeth High Street. The area, which is situated just on the outskirts of Birmingham's city centre, is home to a plethora of unique bars and vintage shops as well as being a stone's throw from the "world famous" Birmingham Rag Market which sits in the shadow of the city's major Bull Ring shopping centre.

Aziz Al Nafisi, investment group head at Salhia, said: "The Beorma Quarter will be a fantastic addition to the city of Birmingham and the approval of the plans for the first phase of the development means we can really start moving the project forward.

"Salhia is investing in the city as much as it is investing in the Beorma Quarter. It is not simply planning to build and sell up. Salhia wants to be in Birmingham for years to come."

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