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June 2015 news archive

£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.

For more information, contact Will Ventham at CBRE on 0121 627 5509 or .(JavaScript must be enabled to view this email address); or Nick Williams on 0121 616 5509 or .(JavaScript must be enabled to view this email address).

IM PROPERTIES ANNOUNCES £50 MILLION OF SPECULATIVE INDUSTRIAL DEVELOPMENT IN THE MIDLANDS

Award-winning developer, IM Properties has today (25th June) announced that it will undertake the speculative development of 500,000 sq ft of industrial space across two of its sites.

The new space, which will have an end value close to £50 million, will be delivered over five units split between Birch Coppice Business Park in North Warwickshire and The Hub in Witton, and will go some way to resolve the current dearth of high quality industrial units in the region.

Ranging from 47,250 sq ft to 282,000 sq ft, all five units will be financed from the group’s own cash resources.

Work is already underway at both sites with the first unit of 47,250 sq ft at Birch Coppice – the last remaining plot on Phase 1 – due to be ready for occupation in February 2016.

The other two units at Birch Coppice are to be constructed as part of Phase 3 of the successful business park, with infrastructure works due to commence in September, and the units due to be completed by October 2016. 

The remaining two units will be delivered at The Hub, which is located just three miles from Birmingham city centre and at 52 acres represents the city’s largest single development site.

This announcement builds on IM Properties’ existing track record, with the group being the first to announce the speculative development of large-scale industrial units following the recession when it began work on two units at Birch Coppice in 2013, both of which were quickly let.

Kevin Ashfield, Senior Development Director, IM Properties, said: “There is a strong demand for warehousing and industrial units within the Midlands with nowhere near enough quality stock available to satisfy this appetite and we have chosen to develop these units as a direct response to this shortage. In the last two years we have developed nearly 600,000 sq ft on a speculative basis and every unit has been let prior to practical completion.

“We are delighted to be announcing this latest programme of speculative development. We are also offering a range of sizes which will cater for different requirements in the market.”

Situated in Dordon at Junction 10 of the M42, the 400 acre Birch Coppice Business Park is the West Midlands’ largest rail-served development site with a growing reputation for attracting high-quality occupiers including Ocado, Volkswagen Group, Euro Car Parts, and Severn Trent.

Part of the Big City Plan, The Hub has a flexible masterplan with its location within the Birmingham Enterprise Zone enabling fast-track planning with a decision on reserved matters applications expected within six to eight weeks of the submission.

For more information on Birch Coppice, including a PDF brochure of available remaining plots, please visit http://www.birchcoppice.co.uk.

For more information on The Hub, visit http://www.thehubbirmingham.co.uk.

PLANNING PERMISSION GIVES GREEN LIGHT TO NEW RESTAURANT AND OFFICES AT MELL SQUARE

Planning consent has been granted for a 12,626 sq ft mixed-use restaurant and office building at IM Properties’ Mell Square shopping centre in Solihull town centre.

Two units on the corner of High Street and Drury Lane, formerly occupied by travel agent Thomas Cook and Johnson’s Dry Cleaners, will be demolished to make way for a brand new four-storey building.

IM Properties is currently under offer with a restaurant operator to take the prominent ground floor space, which will have three floors of Grade A offices above.

Rob Hemus, Asset Manager at IM Properties, said: “This is a prominent location right on the corner of High Street and Drury Lane, which will act as an outstanding statement building in a key location, creating another gateway to Mell Square. The scheme will provide a greater vibrancy and vitality to Mell Square and the town centre as a whole.

“We believe this will act as a catalyst for our future ambitions for Mell Square, improving the overall tenant mix, flow of consumers, increased footfall and more dwell time. Ultimately this will help to enhance Solihull Town Centre’s existing offering and improve the public enjoyment and evening economy of the town centre.” 

Warwickshire-based IM Properties – one of the UK’s largest privately-owned property investment and development groups – acquired the 747,000 sq ft development from Aviva for £44 million in 2013. 

Since then, IM Properties has also purchased other adjacent property holdings to further enhance its commitment and control of Mell Square. The overall ownership currently includes 101 retail units, 57 apartments, four office buildings and parking for 252 cars.

Rob Hemus said: “Mell Square is a significant asset both for IM Properties and for Solihull and our aspiration is to deliver a stronger mixed-use destination that will ultimately incorporate high quality retail, leisure, commercial and residential space, to suit the requirements of both today and for the future.”

Demolition work on the two current units is set to take place this autumn, with the building completed and ready for occupation by September 2016.

IM PROPERTIES COMPLETES VERSATILE COLESHILL MANOR ESTATE

IM Properties has fully let its Coleshill Manor Estate, with the final units occupied through a combination of new lettings to high-profile organisations and the expansion of existing tenants.

West Midlands Police has taken the final 1,450 sq ft of space, while longstanding estate tenant, Perfect Homes has taken an additional 6,200 sq ft in the site’s historic Manor House. Other recent occupiers include the Professional Golfers Association, Atlantic Plastics, CSI Ltd and CBS Security.

Set in 400 acres of idyllic landscaped parkland, the campus features 16 buildings totalling over 50,000 sq ft of state of the art commercial space, all of which have been fully refurbished by IM Properties as part of a comprehensive renovation project.

Providing a unique mixture of character period and contemporary accommodation, the estate includes the Manor, Lodge, Courtyards, Gardens and Pavilion. The site is also home to the headquarters of the IM group, which includes the award winning IM Properties.

Harry Goodman, Asset Manager at IM Properties, said: “To secure these lettings has been a great success considering stock of this nature has not been in high demand during recent times.

“It is great to see both existing businesses expand and develop on the campus, alongside securing new lettings to national occupiers that further demonstrates the versatility of the site and its wide-ranging appeal. There is a fantastic buzz about the estate, making it a very desirable place to work.’’

Located less than five miles from the M42 and the M6, the estate is perfectly situated between Birmingham, Solihull and Sutton Coldfield.