Birmingham’s business community gathered at what has been heralded as the city’s most upmarket office scheme, as IM Properties (IMP) revealed it’s £30m redevelopment of 55 Colmore Row – delivering 160,000 sq ft of much-needed Grade A space to the city’s property market.
One of the region’s largest investors and developers, the unveiling marked the climax of a significant journey for IMP, which began in mid-2014 when it bought the hugely historic building for circa. £33m and began its epic transformation, completely remodeling all but the Grade II listed Victorian facade.
The completion of the mixed-use scheme’s timing couldn’t be better, as interest in Birmingham from companies and organisations looking to take space in its Central Business District (CBD) is at an all-time high.
Law firm Pinsent Masons has already signed up for 40,000 sq ft over two floors, and upmarket Argentinian restaurant chain, Gaucho, has taken 15,000 sq ft on the lower ground-floor. Both tenants shared in IMP’s vision for the building. Talks are also underway with another high-end leisure operator.
IMP’s investment director, John Hammond, sees the redevelopment as a key element of Colmore Row’s renaissance, helping bring the historic boulevard back to its origins as the heart of the city’s business community.
“I have to admit I’m extremely proud of what we’ve achieved at 55 Colmore Row. Many were daunted by the enormity of this project and thought we were brave to take it on.
“However, from the beginning, we had a clear vision of how we wanted to inject a new energy and life into the building. Thanks to our highly skilled in-house project delivery team, we have managed with construction partners, Morgan Sindall, to pull off an extremely complex build, in a tight site, and most importantly to budget.
“By retaining the magnificent facade and restoring the stunning banking hall, which had been hidden away for years, what has evolved is a vibrant, sustainable and contemporary, upmarket office space with a new heart and soul.
“Now one of Birmingham’s most prestigious business addresses, set within a much talked about location with a first class amenity offer, we can see that this has been the right building, in the right place at the right time and this is certainly being demonstrated by the level of enquiries our agents are receiving.”
Ashley Hancox executive director from the Birmingham offices of CBRE, who act as joint agents with Savills on 55 Colmore Row added:
“Without exception, the response from the guests was one of amazement and admiration. They were wowed by both the outstanding reception area housed in the old Banking Hall – a unique gem in our cityscape and the outstanding office environment that combines exciting and contemporary workspace with unrivalled views across Birmingham’s Colmore Business District. We are excited to be promoting such an important development for the city and on behalf of IMP.”
Coleshill based IM Properties is one of the largest privately owned property companies in the UK and a significant investor in the Midlands. Blythe Valley Business Park, Mell Square Shopping Centre, Birch Coppice and The Hub are amongst its portfolio.