Famous Birmingham theatre the Hippodrome has bought a neighbouring office block with a view to creating new space for arts organisations to work in.
The theatre has acquired The Southside Building, previously known as Albany House, which is an 11-storey office block and retail space next door to the legendary venue in Hurst Street. The building underwent a £2.5 renovation programme in 2020.
Hippodrome chief executive Jon Gilchrist said: "We look forward to working with the existing tenants and growing more work opportunities for the city.
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"We will be exploring how we can utilise vacant units for use by artists and cultural organisations in the city. We are so proud to be part of Southside and are committed to ensuring it is a fantastic place to work and visit."
Terms of the acquisition were not disclosed but the purchase was supported by a business loan agreement with West Midlands Combined Authority and Frontier Development Capital.
Property agency CBRE advised on the acquisition and will continue the day-to-day management of the building on behalf of the Hippodrome.
West Midlands Mayor Andy Street said: "I'm pleased that we've been able to step in and help facilitate this acquisition by the Hippodrome - a Birmingham cultural institution.
"In recent years, West Midlands Combined Authority has played its part as an enabler where possible, supporting and championing our regional arts and cultural sector.
"This vibrant sector brings joy to local people and contributes hugely to our region's economy. That's why it's wonderful to be able to back Birmingham Hippodrome in this way and at this time."
Kieren Turner-Owen, associate director at Frontier Development Capital, added: "We are delighted to assist Birmingham Hippodrome in its acquisition of The Southside Building, helping to further promote and support the arts and culture sector and offerings in and around Birmingham."
