New owner for 103 Colmore Row
Landmark development 103 Colmore Row has been bought by a London investor weeks before work begins on the building’s concrete core.
Tristan Capital Partners has acquired Patrizia’s interest in the site for an undisclosed sum. Patrizia had become the building’s owner through its acquisition of Rockspring at the end of 2017.
103 Colmore Row is on the site of the former NatWest Tower in Birmingham’s business district and the £80m office building will have 26 storeys when complete.
Nicho Jenkins, managing director at Tristan, said: “This development provides Tristan with a unique opportunity to deliver a best in class Grade-A office building in the CBD of one of the UK’s leading regional markets.”The 105-metre development will have 223,631 sq ft of office space and 7,665 sq ft of restaurant space on both the ground and top floors.
It was designed by architects Doone Silver Kerr and main contractor BAM Construction started work on the building in June 2018.
The building is scheduled to be completed in the first half of 2021.
Sterling Property Ventures has been retained as development manager for the project. Sterling and Rockspring bought 103 Colmore Row from British Land in November 2014 in a deal reported to be worth around £15m.James Howarth, managing director of Sterling Property Ventures, said: “Tristan is a natural partner for us because of their enthusiasm for the scheme and the Birmingham office market. The Sterling team is looking forward to working with them to deliver a first-class office scheme for the city.”
103 Colmore Row has had a chequered past. The tower that was previously there had been home to NatWest but had been unoccupied since 2003.
Original proposals to develop the building were criticised heavily by English Heritage at the time and were scrapped during the recession before Sterling Property Ventures acquired the site nearly five years ago.
Colliers International provided Tristan with investment advice while Knight Frank provided occupational advice.