Following the sale of 103 Colmore Row to the joint partnership formed by Rockspring and Sterling Property Ventures in November last year, the new owners quickly announced plans for the demolition of the existing building (pictured) and its replacement with a new office tower.
Now, it seems that the partnership is keen to get the ball rolling, having appointed three of the country’s top property agents to secure both office and leisure occupiers following the redevelopment phase.
Colliers International, DTZ and Knight Frank will now begin the process of searching for potential tenants keen to pre-let space in what is set to be one of Birmingham’s most exciting speculative developments since before the recession struck.
Despite the fact that the building is not forecast to be completed until the end of 2017, Sterling Property Ventures managing director James Howarth explains that the anticipated high level of demand has necessitated the appointment of agents as a means of efficiently leasing space.
He says; “Our timescale means we can start work on the new building as soon as the site clearance is complete, with the new tower erected by the end of 2017 – the first new office building to be delivered in Birmingham’s central business district since Two Snowhill.
“We are developing the site speculatively, but the lack of Grade A space in the city means we are already having conversations with potential occupiers so the need to appoint agents was pressing.
“We are also keen to sign up a high profile restaurant operator early doors, as this is a key USP for our scheme.”
Although the site has existing planning permission for a 35 storey tower, Rockspring and Sterling are currently in the process of revising these plans as a means of creating a slightly smaller scale development of a similar size to the existing building.
The partnership intends to submit a new planning application for a 21-storey development following a public consultation which will follow the unveiling of the proposals at the Hotel du Vin on Tuesday 17 March (10am-7pm).
It is expected that the new building, designed by Doone Silver Architects, will contain around 200,000 sq ft of Grade A office accommodation along with 10,000 sq ft of leisure space including a rooftop restaurant.
Speaking on behalf of Colliers International Matt Long, director in the national offices team, said: “103’s super prime location and early delivery date will be a draw for both indigenous occupiers and inward investors.”
David Tonks, senior director at DTZ added; “103 Colmore Row will be the first in a new generation of office buildings to come to the market at a time when Grade A space in the city has been significantly depleted.”
Partner and head of office agency at Knight Frank, Jamie Phillips, believes that the upcoming development will prove popular with businesses and local residents alike.
He says; “103 Colmore Row, with its unrivalled views over the city, presents occupiers with the opportunity to make a statement not only on the quality of their space but also with the excellent efficiencies and green credentials the building will provide.
“This development will provide a legacy on the Birmingham skyline and demonstrates the city’s ability to reinvent itself whilst taking note of its past.”
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