The EPISO 4 opportunity real estate fund managed by Tristan Capital Partners, has acquired a prime freehold development site at 103 Colmore Row, Birmingham, in an off-market transaction. The site has planning consent for an office tower of c. 233,000ft² which, at 26 stories and 105.5 metres, will make it the tallest office tower in the UK’s second largest city. The development site is located in the city’s main central business district and was acquired from a Patrizia AG managed the joint venture. The Fund will retain Sterling Property Ventures as the development manager for the project. The purchase price was not disclosed.
Designed by Doone Silver Kerr, the completed building will comprise c. 224,000ft². of offices, 7,700ft² of restaurant space on the ground and top 2 floors, as well as a terrace and communal lounge space. BAM Construction has now been formally appointed as the main contractor, having been working on the site since June 2018 under a limited authority services agreement. The tower is scheduled for completion in Q2 2021.
Nicho Jenkins, Managing Director at Tristan, said: “This development provides EPISO 4 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. We’re excited to be working with Sterling to deliver the only new build scheme in the city’s current pipeline that will be capable of providing occupiers with self-contained floors of 9,000 - 12,000ft².”
James Howarth, Managing Director at Sterling Property Ventures, said: “Tristan is a natural partner for us because of their belief in 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.”
