Shoosmiths advises IM Properties from acquisition to redevelopment and letting

Shoosmiths has advised IM Properties on their acquisition, redevelopment and letting of part of 55 Colmore Row to law firm Pinsent Masons.

IM Properties, one of the UK’s largest privately owned property groups, is letting the first and second floors of office space to Pinsent Masons, a total of 40,000 sqft.

The comprehensive £30m redevelopment of 55 Colmore Row includes the addition of two new floors and will deliver 160,000sq ft of Grade A office space set behind the Grade II Listed Victorian façade. New restaurant units will also be installed on the lower ground floor and the rear elevation will be replaced with full height floor-to-ceiling glazing. The listed 19th-century banking hall will form a central part of the redevelopment and will be fully restored and reconfigured as a class-leading reception. Works are expected to complete by autumn 2016.

IM Properties first instructed Shoosmiths to acquire the site in May 2015. Real estate partner Jason Jackson and senior associate Catherine Hood acquired the site and secured vacant possession from law firm Wragge Lawrence Graham & Co (now Gowlings WLG) and the real estate team continues to advise IM Properties on letting arrangements. Shoosmiths construction partner Patrick Garner and senior associate Stephen Cock are also advising on building and construction aspects of the redevelopment.

John Hammond, investment director at IM Properties which owns 55 Colmore Row, said: “This project has revived one of the most prominent and widely recognised commercial buildings in Birmingham and once completed will provide the city with exceptional Grade A office space.

“Jason Jackson and the Shoosmiths team have provided us with exceptional advice – from the initial acquisition of the building, through to the construction aspects and letting aspects.”

Jason Jackson said: “Our work with long-standing client IM Properties demonstrates the strength and depth of our teams here in Birmingham and underscores our expertise in real estate development and construction work in this region.

“55 Colmore Row is an iconic building in the City and we are proud to have played a part in its redevelopment.”

Shoosmiths’ real estate group is one of the largest in the UK, made up of teams advising on real estate, construction, planning, property litigation, and environmental issues.

Shoosmiths’ clients include commercial and residential developers, investors, retail and leisure operators, social housing bodies, major corporate occupiers, banks and other funders and a range of public sector bodies.