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June 2017 news archive

£4 million investment begins on Bromsgrove Retail Park

Local construction company, Benniman, has started work on the £4 million investment by IM Properties into its Birmingham Road Retail Park in Bromsgrove town centre.

With an expected completion date during the first half of 2018, Benniman will work on reconfiguring and enhancing the existing 53,000 sq ft of retail space to offer a more flexible, customer friendly experience.

Richard Sykes from IM Properties said: “From our perspective Bromsgrove offers us a great opportunity to expand our retail portfolio and deliver a significantly improved retail offer for the town centre.

“We are excited to now be on-site and look forward to announcing the line-up of retailers in the near future.”

Local construction company, Benniman, was selected due to their proven track record in the commercial sector and to support the local economy.

Tim Mills from Benniman said: “It’s great for our business to be involved in this scheme. IM Properties is one of the largest investors in the Midlands and well respected. To partner with them on the Birmingham Road project is a good opportunity for ourselves and one we believe can only benefit Bromsgrove.”

IM Properties is one of the UK’s largest privately owned property companies based in Coleshill, Warwickshire. Notable local projects include Mell Square Shopping Centre Solihull and Blythe Valley Park, off junction 4, M42.

55 COLMORE ROW RAISES THE BAR FOR LAW FIRM

International law firm, Pinsent Masons, is the latest occupier to take up residence at IM Properties’ 55 Colmore Row.

Having signed up to the building even before the £35m redevelopment was complete, Pinsent Masons understood IM Properties’ vision to create prime London style offices in Birmingham.

Occupying 40,000 sq ft over two floors, 55 Colmore Row puts the law firm at the heart of Birmingham’s business district, which is also fast becoming one of the most vibrant legal and commercial centres outside the capital.

The West Midlands remains a crucial market for Pinsent Masons given its roots in Birmingham date back to 1836. The decision to take new and enhanced premises follows a period of growth in the city and underlines the firm’s continued commitment to the region.

Pinsent Masons has acted on a number of high profile schemes in Birmingham including representing the developers behind Arena Central on the construction of HSBC’s Retail bank headquarters, and the landmark £100m redevelopment of Selly Oak Park.

Greg Lowson, head of Pinsent Masons’ Birmingham office said: “55 Colmore Row is a statement building, with a huge sense of arrival and it really sets the tone for our business and the individuals that work with us. The new offices have been designed as a modern open plan layout in order to truly embrace and support agile and innovative ways of working.

“To retain and attract the best talent, a first class working environment and access to amenities is essential. Colmore Row ticks all the boxes and has everything you could need on your doorstep, coupled with a great sense of community and vibrancy which I’m sure the team will enjoy.”

John Hammond investment director at IM Properties said: “When we embarked on the 55 Colmore Row project, our objective was always to give the building a new heart and soul and now thanks to Pinsent Masons we are starting to see it take on a new life.

“It was a major architectural feat to remodel the building whilst still retaining its Grade II listed grandeur. Thankfully we seem to have called the market right as occupiers are attracted to the building because we pushed the boundaries and raised the bar in Birmingham for Grade A offices”

55 Colmore Row offers 160,000 sq ft of prime, Grade A commercial accommodation in the heart of Colmore Business District.

IM Properties is one of the UK’s largest privately owned property companies and a major investor in the region.

IMP snaps up swathe of Leamington Spa

IM Properties (IMP) has been on a £10.5m shopping spree in Leamington Spa, acquiring several prime retail assets in the town’s main regency boulevards.

Buying up blocks in The Parade and Warwick Street, opposite the entrance to the Royal Priors Shopping Centre, and a further site in Guy Street, the 31, 227 sq ft of retail space is home to some of the town’s largest national retailers including Greggs, Poundland and Argos.

Impressed by the growth potential Leamington offers, Harry Goodman, IMP’s asset manager said: “The town centre has been on our radar for a while. It’s an affluent town, with an appealing mix of major national retail brands and independent boutiques.

“We see a lot of opportunity to add further value and character to the assets. We’re already in talks with some really strong and exciting new operators, who are looking to take up the small amount of vacant space available.”

IM Properties is no stranger to the benefits of investing in upmarket suburbs in Warwickshire, having owned Mell Square Shopping centre in Solihull since 2013.

Harry added: “The retailers have confidence in the spa town too. The Card Factory and Greggs have both had their leases extended by a further 10 years, and we have also recently completed a letting to Coffee #1 on Warwick Street.”

Leamington recently announced plans for a £50m redevelopment of new council headquarters to create a major new gateway into the town centre, stimulating the local economy by an estimated £1m.

Harry concluded: “Clearly Leamington is a very attractive place to live, work and shop. The area around The Parade and Warwick Street attracts some seven million people a year.

“Since 2005, the town has experienced above average employment growth and the population figures are set to rise. This sets out a very positive picture for the town and we are looking forward to being a part of its continued success.”

Coleshill based, IM Properties, is one of the largest privately owned property companies in the UK and has a £1 billion portfolio including retail, offices, industrial and residential. Most notable assets in Warwickshire include Mell Square Shopping centre and Blythe Valley Park in Solihull.

IM Properties launches first Electricity Cost Neutral Building

IM Properties (IMP) is speculatively creating the country’s first industrial and logistics space that could effectively benefit from zero electricity bills in the launch of their first Electricity Cost Neutral (ECN) building.

IMP says it’s the first time anyone has combined photovoltaic panels with a cutting edge battery technology in the UK, and Hub69 - a new spec building in Birmingham – will be the first to use the combined technology and achieve an A+ energy performance certificate (EPC).

Construction of the 69,000 sq ft ECN building is underway at The Hub, a 90-acre business park in Witton, and completion is expected in October 2017.

The Hub is best known as the home of Birmingham’s new wholesale markets, and was acquired in Q1 2013, after Coleshill-based IMP identified it as a key strategic location for internet retail, distribution and manufacturing-led uses. Tenants include Iron Mountain, Timet and the Engineering Employers Federation.

Hub69 will use solar charged photovoltaic panels to supply electricity straight to the building for immediate use. The battery can be solar charged or charged from the grid when electricity is cheaper to use during more expensive periods in a process known as peak shaving.

Kevin Ashfield, IMP’s UK development director said:  “We’re keen to lead the market on sustainability and innovative use of this technology, which we believe will become commonplace in the industrial and logistics sector in the years to come.

“We are very excited about turning theory into reality by combining this technology. There is a general trend of increasing utility costs, which affects the bottom line of occupiers. Our first ECN building provides a carbon positive facility which will have long term cost savings for the occupier.”

IMP is one of the largest privately owned property groups in the UK, with an investment and development portfolio of c£900 million across the UK, Europe and the US.

Visit http://im-ecn.co.uk/ to see how the technology works.