Birmingham’s 55 Colmore Row sold for more than £100m
55 Colmore Row in Birmingham has been snapped up in a multimillion-pound deal.
Germany’s Union Investment had pressed pause on the deal earlier this year given the market uncertainty created by coronavirus but has finally struck a deal with Nuveen Real Estate for the landmark building.
Although the purchase price was not officially disclosed, it is understood Union paid out more than £100m for the building, which last changed hands for £98m two years ago.
“The combination of building quality, history and location makes this property a rarity in the transactions market,” said Wolfgang Kessler, a member of the management team at Union Investment.
The prominent site in the heart of the city’s business district underwent a £30m transformation that was completed two years ago and its occupiers include Pinsent Masons, Savills and the Royal Institution of Chartered Surveyors (RICS).
Totalling 157,562 sq ft across seven floors, the property includes leisure accommodation on the lower ground floor, 64 car parking spaces and 57 cycle spaces.
On the ground floor and basement, long-term leases have been signed with two restaurants, Gaucho and Fazenda, both of which have now reopened after closing during lockdown.
Nuveen Real Estate – then known as TH Real Estate – bought the site for £98m in January 2018 from IM Properties.
In May last year, shared workspace provider WeWork agreed a deal for the remaining 55,000 sq ft at 55 Colmore Row.
Union Investment was advised by CMS and CBRE on the acquisition, while Nuveen was advised by A&O and Acre.