Rockspring and Sterling select BAM for 103 Colmore Row
(Press release Rockspring and Sterling:) Birmingham, 12 February, 2018 - The construction of Birmingham’s most anticipated new office development, 103 Colmore Row, has taken a major step forward. Rockspring Property Investment Managers LLP (Rockspring) and Sterling Property Ventures (Sterling), the development team behind Birmingham’s tallest office tower, have selected BAM for the £80 million build contract. The contractor begins site surveys today (12 February), alongside an intense period of pre-construction design. The main substructure works commence in early June, with completion of the 26-storey building set for Q3 2020.
103 Colmore Row will comprise 223,631 sq ft of office space over 20 floors, and 7,665 sq ft of restaurant space on the ground and top floors. At 346ft/105.5m high, with the apex 246m above sea level, it is the highest new office building under construction outside London. Designed by architects Doone Silver Kerr, the landmark building features a winter garden, 18th floor terrace and multi-purpose lobby business lounges.
103 Colmore Row is Rockspring’s second development in Birmingham. The European property investment manager is also behind the city’s first purpose-built private rental scheme, The Forum, in Southside.
Michael Pryer, Partner and Fund Manager at Rockspring, said:
‘Birmingham is the UK’s most exciting regional city. The investment in transport infrastructure and its youthful demographics have made it a magnet for occupiers and inward investors. Our confidence in Birmingham is such that we are moving 103 Colmore Row forward. It is, without doubt, the city’s premier business address.’
103 Colmore Row is on the site of the former NatWest Tower. The original proposals to develop the former building, empty since 2003, were shelved during the global economic downturn.
Sterling acquired the site in November 2014 and, partnering with Rockspring, has worked the new scheme through the planning process, a 24-month phase demolishing the former NatWest Tower and preparation of the substructure, and the procurement of the new building.
James Howarth, managing director of Sterling Property Ventures, said:
‘It has been a long haul to get to this day but it is undoubtedly a proud one. ‘103 Colmore Row will be a simply stunning addition to Birmingham’s skyline, reflecting the aspirations of the city.
Our top floor bar and restaurant mean the doors of this building will be open not just to commercial occupiers. Anyone wishing to enjoy the fantastic panoramic views of the city and surrounding areas will be welcome inside.’
Sterling has opened an office at Alpha Tower and its team will manage the construction and lettings programme.
Waheed Nazir, Corporate Director Economy at Birmingham City Council, welcomed the start on site. He said:
‘The decision to select BAM and invest in 103 Colmore Row is a massive vote of confidence in Birmingham. The commitment to this major new building will bring high quality office space to the heart of an expanding central business district and shows that Birmingham continues to be a hugely attractive place to invest and do business.’
Rod Stiles, Regional Director for BAM Construction in the Midlands, said:
‘Our appointment to create 103 Colmore Row means that BAM is engaged on about one quarter of a billion pounds of commercial developments within half a mile of each other in Birmingham’s central business district. This is a testament to our credentials and our track record in the city. We’ve been working with our partners at Sterling and Rockspring already and are keen to start what will be a memorable addition to Birmingham’s real estate.’
The office space at 103 Colmore Row will be marketed by joint agents Cushman & Wakefield and Knight Frank. Average floorplates are 12,000 sq ft and will be BREEAM excellent rated.
Rockspring Property Investment Managers LLP
Rockspring Property Investment Managers LLP is a professional investment fiduciary specialising in the acquisition and management of commercial property throughout the UK and continental Europe on behalf of major institutional clients - either directly for single-client accounts or through the Group’s series of tax-efficient, co-mingled investment funds.
Rockspring is authorised and regulated by the FCA.
Fully independent and 100% owned by its Senior Management and employees, Rockspring is headquartered in London and has a network of offices in Amsterdam, Berlin, Brussels, Madrid, Paris and Warsaw as well as Client Services offices in Seoul, Sydney, and Washington, D.C. Its Executive Committee includes Robert Gilchrist (Chief Executive), Edmund Craston (Managing Director) and Ian Baker (Partner - Finance).
Rockspring was established in 1984 by founder and Non – Executive Chairman, Richard Plummer.
As at September 2017 Rockspring had gross assets of €7.9 billion in funds under management and undrawn commitments. It represents a diverse client base including Rockspring Hanover Property Unit Trust, Rockspring PanEuropean Property Limited Partnership, Rockspring TransEuropean IV, V and VI, The Rockspring German Retail Box Fund, Rockspring UK Value Funds 1 and 2, and single client mandates. Rockspring’s property assets are currently located in the UK and 11 other European countries.
For further information, please visit www.rockspringpim.com
Sterling Property Ventures Ltd
Sterling PV specialises in commercial property development, finance and investment.
Sterling’s founding directors have more than 50 years’ combined experience in property and construction and a track record in Birmingham, having developed Colmore Plaza and 5 St Philips Place. In addition to 103 Colmore Row, the team is developing the Great Charles Square scheme in Birmingham.
Sterling currently has a 75 unit student accommodation development on site in Exeter and is working alongside Milton Keynes Development Partnership to deliver B3.3N, a 500,000 sq ft office-led mixed-use scheme in Milton Keynes.
BAM has been active in the Midlands for many dozens of years. It operates regionally from Fore Business Park which it developed, designed and built and for which it manages the facilities. Buildings in the city of Birmingham alone created by BAM include Birmingham Children’s Hospital, The Beorma Quarter, the National Indoor Arena refurbishment, plus dozens of schools, colleges and university buildings. It is known for its combination of leading digital construction techniques and its collaborative working ethos. It forms part of BAM Construct UK and the international Royal BAM Group employing over 26,000 people worldwide.
Video: 60-sec time lapse, taken from the top of the NatWest Tower prior to its demolition: