Mark Glatman and James Howarth’s Abstract Land are planning a major extension to their 300,000 sq ft Colmore Plaza office development in Birmingham.
The duo this week bought the 2 Snow Hill Plaza site at the heart of the city’s business district from London-based developer Hilstone for £26m.
Last month, Hilstone appointed CB Richard Ellis to test interest in the site. It was already in negotiations with Abstract, and exchanged contracts last Friday.
The site, which is adjacent to Abstract’s Colmore Plaza, could extend the scheme to more than 500,000 sq ft.
In its present form, 2 Snow Hill Plaza provides 72,000 sq ft of offices. The site also has consent for 125,000 sq ft of offices and 8,000 sq ft of shops, which Hilstone won the day before agreeing to sell the site to Abstract.
Glatman would not comment on what Abstract planned to do with the site, but said it would have a better idea in the summer. “This is a logical addition to Colmore Plaza,” said Glatman, “and will extend the scheme. We have a lot of ideas about what we’ll do with the site and we can now consider those from a position of strength.”
Sources said the company was likely to resubmit plans but would favour an office-led mixed-use scheme. Work on 2 Snow Hill Plaza will not start until 2008, with completion scheduled for 2010.
