Rockspring Property Investment Managers, alongside James Howarth’s Sterling Property Ventures, has acquired the iconic former Natwest Tower in Birmingham.
Rockspring has replaced Legal & General Property as Sterling’s funding partner. It is believed to have paid vendor British Land circa £15m for the vacant 78,000 sq ft office tower located at 103 Colmore Row.
A statement from Rockspring said it was acquiring the building on behalf of one of its clients. It added: “The site, which is located on Colmore Row, has been acquired from British Land, in a multi-million pound deal. The site covers 0.44 acres of prime city core real estate and currently comprises a 24- storey office building”
BL won consent in 2008 to demolish the 1960s-built tower and build a new £150m, 284,000 sq ft tower on the site. The consent expires in June 2015.
Estates Gazette revealed in the spring that British Land was preparing to sell the office block. A deal was due to sign over the summer; however, L&G pulled out.
Knight Frank and Colliers International represented Rockspring and Sterling Property Ventures. Savills advised British Land.
