IM Properties linked to Wragge & Co building acquisition

COLESHILL-based property developer and investor IM Properties has been strongly linked to the purchase of 55 Colmore Row in Birmingham’s business district.

A figure of £35m has been suggested as the purchase price.

The 150,000 sq ft office building is home to Birmingham law firm Wragge & Co, which is in the process of moving to the nearby Two Snowhill development. It is owned by fund manager Kames Capital.

According to CoStar News, market sources have suggested IM is set to see off competition from the likes of Legal & General, Rockspring and M&G to buy the building.

It said development partner Sterling Property Ventures and Kames Capital appointed Birmingham property consultancy CBRE earlier this year to sell the city centre building with a guide price in excess of £30m.

There is planning consent for a major expansion, refurbishment and remodelling of the building.

The news of IM Properties’ interest in 55 Colmore Row is the latest evidence that the appetite to buy property in Birmingham city centre is growing.

Last week Legal & General went under offer to buy the city’s Priory Court and Temple Court from the Co-operative Bank while earlier this year the Grade II listed 130 Colmore Row was bought by a group of investors from Hangzhou.

And last month property group Real Estate Investors (REI) acquired 33 Bennetts Hill for the sum of £1.575m.

The historic building was formerly the original branch of Midland Bank.