Delayed Holloway Head development site sold for £11m

And the chairman of the property company has taken the opportunity for a swipe at Birmingham council over the 'slow progress' at the site, in Holloway Head.

Panther Securities has had planning permission since 2015 for 500 homes as part of a scheme that would have seen Birmingham's Girl Guides headquarters replaced with a new building. It has been working on redeveloping the site for 30 years.

Panther's chairman, Andrew Perloff, commented: "I suspect many of the Girl Guides who used the property when our original talks began will now be grandmother Guides, but such is the pace of progress in Birmingham.”

The plans, drawn up by Corstorphine + Wright Architects, aimed to regenerated 1.3 acres of derelict brownfield in the city centre. They would replace the existing properties with three new buildings, eight, 10 and 12 storeys in height. A 12 and a 15-storey block would be built on the southern part of the site. Together they would provide 500 flats as well as a replacement for Birmingham Girl Guides' Trefoil House headquarters.

But now Panther has sold the site to an un-named buyer in a deal due to complete in six months, making the Birmingham property company a £6m profit.

The total site received full planning permission in November 2015 for 487 residential units and approximately 5,000 sq ft of commercial space. The island site in the centre of Birmingham comprises two long leasehold and three freehold properties acquired by Panther over the last 30 years and also the Girl Guides area headquarters.

The purchaser will have to negotiate extensions and extended user clauses to the two existing 100 year leaseholds.

The planning permission which includes the Girl Guides freehold building has allowed for the scheme to be built in phases so that the Girl Guides could be rehoused in a new building on a separate part of the overall site. Panther said it had a good relationship with the Girl Guides regarding site development over its 30 years’ ownership.

Andrew Perloff said: “As stated in the 2015 accounts the original plan was for the group to agree the extensions before selling, but slow progress was made with the council, as the freeholder.

"This site has been put together and worked on by the group for over 30 years, this being the second planning permission that has been obtained, thus the board is very pleased to finally be near to seeing the rewards of these efforts."

He added: "The new owners will no doubt enjoy the benefit of the good will we have acquired with the Guides over the years.”