£30 million speculative redevelopment brings Grade A offices to IM Properties’ 55 Colmore Row

The delivery of 160,000 sq ft of prime Grade A space in the heart of the historic Colmore Business District has begun with the £30 million redevelopment of Birmingham’s landmark 55 Colmore Row by award winning property developer, IM Properties.

The building will provide the largest and most prominent level of high quality office accommodation to be delivered in the city centre when the extensive programme of works completes in autumn 2016, combining the building’s interior and exterior heritage with flexible and contemporary office space over six floors.

Situated on the corner of Colmore Row and Church Street, 55 Colmore Row is one of Birmingham’s most prominently positioned and widely recognised business addresses, with a Grade II listed Victorian terrace façade overlooking St Philip’s churchyard.

The building’s historic, listed 19th Century banking hall will form a central part of the redevelopment and will be fully restored and reconfigured as a class-leading reception.

Featuring high quality specification and the very best finishes throughout, 55 Colmore Row will offer an inviting and desirable business address suitable for occupiers from a broad range of sectors and will act as a prize for inward investors seeking space within the city.

John Hammond, Investment Director, IM Properties, said: “Our aim is to create an entirely unique proposition within the Birmingham property market, creating a sense of contemporary quality, from the specification of the floorplates and sense of arrival, right down to the internal finishes.

“55 Colmore Row has a significant heritage that sets it apart from other office buildings in the area. The reintroduction of the banking hall as a key element of the building will create a striking and entirely unique feature.”

IM Properties has committed to an extensive programme of works which includes the development of three new floors to the top of the building, offering panoramic views across the cathedral grounds and city.

The internal layout of the building will be totally reconfigured, with IM Properties creating open plan, grade A office space of the highest quality on floor plates ranging from 18,000 sq ft – 24,000 sq ft, all of which will benefit from excellent natural light.

The whole rear elevation on Barwick Street will also be removed and replaced with a stunning full height glazed façade, with space for two restaurants at street level.

John Hammond continued: “There has never been a better time to invest in Birmingham, with three significant deals totalling over 450,000 sq ft of space completed in the last three years. This reputation and the city’s stock on the national stage will continue to grow through the delivery of large-scale infrastructure projects such as the extension to the Midland Metro, ongoing improvements to the civic areas, delivery of the refurbished New Street Station and anticipation of HS2.

“55 Colmore Row will deliver the right space at the right time and we are all very excited to see the end product complete next year.”

Joint agents appointed on the scheme are CBRE and Savills.

Will Ventham, CBRE, said: “The letting strategy for 55 Colmore Row is about more than the national and local occupiers. We want to target the large international companies considering relocation to the UK, particularly as the south east market continues to overheat. 55 Colmore Row is a significantly different offer to anything else that will be coming to the market in the foreseeable future. “

Nick Williams, Savills, said: “Birmingham is facing a fundamental shortage of high quality office space over the next few years. While developers are now starting to bring forward new opportunities, 55 Colmore Row is an entirely unique proposition.

“The Big City Plan has been driving Birmingham’s vision for growth and now in conjunction with the Snow Hill Masterplan we are looking at a future for Birmingham that is ready-made for high quality business occupiers.”

IM Properties is aiming to deliver the building to EPC B and BREEAM Excellent standards.

55 Colmore Row is situated just 10 minutes walk from the commercial centres of the Bullring and the Mailbox and just five minutes from both New Street and Snow Hill train stations, providing direct connections to destinations around the UK.

The civic and commercial heart of Birmingham, the area around 55 Colmore Row is home to the city’s main concentration of professional services companies, including Barclays, KPMG, Eversheds, Grant Thornton, Vodafone and PwC and a range of high quality bars and restaurants, including the Michelin-starred Purnell’s, Hotel du Vin, Opus, Fumo and San Carlo.