The deal to buy the scheme hands Kier development rights for three further phases of the site’s existing masterplan, building a further 526,000 sq ft.
Remaining phases known as 5 Centenary Square, 4 Arena Central and 5 Arena Central will be built over the next 5-7 years.
Under Miller Developments, two major buildings have been completed, with a third – 3 Arena Central – now under construction to be taken on by Kier.
Andrew Sutherland, Miller Developments added: “Having been involved in the project for a number of years, Arena Central is now firmly established as one of Birmingham’s prime office locations, and we’re delighted to hand the baton to an organisation of Kier Property’s calibre for delivery of the remaining phases.”
Tom Gilman, managing director for Kier Property North, said: “We are delighted to announce the purchase of this significant 9.2 acre development opportunity at Arena Central.
“This acquisition will substantially increase our activities in the West Midlands and will enable Kier to continue the development of the area as a place where people will want to work, shop and socialise in Birmingham.”