Overspend of £29m holds up phase two of Birmingham's Paradise project

By Jordan Marshall2018-11-22T12:36:00

Birmingham council documents have revealed the development partnership needs £50m to get on with the £700m scheme's second phase

The team behind Birmingham’s £500m Paradise development has been forced to ask for additional funding after Carillion’s collapse contributed to an overspend that meant the cash for infrastructure both phases one and two was spent on the first stage.

The Paradise Circus Limited Partnership (PCLP) requested £49.5m of additional funding from Greater Birmingham & Solihull Local Enterprise Partnership (LEP) which originally planned to contribute £37.7m of infrastructure investment.

PCLP is a public private partnership between Argent as the developer manager, Hermes as the private investor and both Birmingham council and the LEP as public delivery partners.

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