One of the most long-awaited redevelopments in Birmingham could be set to kick into life after the NatWest Tower was sold.
Investment firm Rockspring has bought the Colmore Row building – which has been vacant for a decade – and is expected to oversee one of the city’s most central office developments.
The 22-storey Brutalist building was designed by John Madin and completed in 1976 and is one of the most eagerly-awaited schemes.
Rockspring Property Investment Managers said it had agreed to buy the tower from British Land on behalf of one of its clients.
British Land bought the building from Omega Land at the beginning of 2007 for £25.5 million.
A scheme with 285,000 sq ft of offices, ground floor shops and a rooftop restaurant was given the green light by Birmingham City Council in 2008 but permission lapses in June.
Rockspring said in a statement: “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 22-storey office building. Sterling Property Ventures are Rockspring development partners.”
The Post understands Legal & General had been expected to buy the building earlier this year but a deal fell through.
The 262ft structure has been the subject of several proposed schemes – both NatWest in the late 1990s and later RBS Developments worked up plans for a major redevelopment.
Rockspring is a London-based independent real estate fund and asset manager.
It has a strong record in investing in UK regions, and bought a 94,650 sq ft mixed-use scheme in Manchester for £23.7 million earlier this mongh and a 70,000 sq ft of speculative city centre office development in Leeds last month.