Birmingham’s most anticipated office development, 103 Colmore Row, has changed hands.
Tristan Capital Partners, the London-based real estate investment management firm, has acquired PATRIZIA AG’s interest in the site and the building on behalf of its EPISO 4 opportunity real estate fund.
Sterling Property Ventures has been retained as development manager for the project.
103 Colmore Row will comprise 223,631 sq ft of office space over 26 floors, and 7,665 sq ft of restaurant space on the ground and top floors. At 346ft/105.5m high, with the apex 246m above sea level, it is the highest new office building under construction outside London.
Designed by architects Doone Silver Kerr, the landmark building features a winter garden, 18th floor terrace and multi-purpose lobby business lounges.
Main contractor BAM has been working on the project since June 2018 and will commence construction of the concrete core next month. The building is scheduled to be completed in the first half of 2021.
Nicho Jenkins, managing director at Tristan, said: “This development provides Tristan with a unique opportunity to deliver a best in class Grade-A office building in the CBD of one of the UK’s leading regional markets. We’re excited to be working with Sterling to deliver the only new build scheme in the city’s current pipeline that will be capable of providing occupiers with self-contained floors of 9,000 – 12,000 sq. ft.”
103 Colmore Row is on the site of the former NatWest Tower. The original proposals to develop the former building, empty since 2003, were shelved during the global economic downturn.
Sterling Property Ventures acquired the site in November 2014 and worked the new scheme through the planning process, a 24-month phased demolition of the former NatWest Tower and preparation of the substructure, and the procurement of the new building.
James Howarth, managing director of Sterling Property Ventures, said: “Tristan is a natural partner for us because of their enthusiasm for the scheme and the Birmingham office market. The Sterling team is looking forward to working with them to deliver a first-class office scheme for the city.”
Colliers International provided Tristan with investment advice; Knight Frank provided occupational advice.
The office space at 103 Colmore Row is being marketed by joint agents Colliers International, Cushman & Wakefield and Knight Frank.