One of Birmingham’s most well known and widely recognised buildings is primed to undergo a comprehensive refurbishment, after being purchased by new owners.
In the Midlands’ first significant property deal of 2014, the Anglo Scandinavian Estates Group (ASE) has purchased the 196,105 sq ft Alpha Tower, situated on the corner of Suffolk Street Queensway and Broad Street in Birmingham city centre.
Located between Colmore Row and Brindleyplace, Alpha Tower features column free floorplates of 7,000 sq ft across each of its 27 upper floors. Extending to some 328 feet high, the building also provides some of the best views across Birmingham and is one of the most easily recognised and widely known buildings in the city.
Investor ASE is advised by Commercial Estates Group (CEG), which already manages a number of commercial buildings in the city, has earmarked an additional £9 million to fund the complete refurbishment of Alpha Tower to a Grade A standard.
Tom Gaynor, CEG, said: “Alpha Tower is the most prominent office building in Birmingham city centre with its position and elevation making it a true landmark visible from across the city.
“This investment is categorically focussed on the future and it is our intention to reposition this building to appeal to the most active sector of the Birmingham office market.
“Our proposals extend far beyond simply tidying up and adding a fresh coat of paint. Our objective is to give new life to Alpha Tower, creating an environment that will attract image conscious occupiers seeking cost effective space.
“Birmingham has the largest regional city centre office market in the UK and through Alpha Tower, we will create an attractive, cost effective 21st century workplace in the heart of the city.”
Alpha Tower occupies Birmingham’s geographic heartland, with key commercial, leisure and retail locations including Brindleyplace, Paradise Circus, Colmore Row, Bullring, The Mailbox and The Cube all within a 10 minute walk.
Alpha Tower also benefits from an outstanding number of public transport links, with New Street and Five Ways rail stations within easy reach and a number of bus services stopping along Broad Street.
The proposed extension of the Midlands Metro service will further enhance its accessibility, supporting the 190 car parking spaces available on site.
ASE was also advised on the purchase of Alpha Tower by GBR Phoenix Beard, with the vendor advised by CBRE.
Ben Thacker, GBR Phoenix Beard, said: “The purchase of Alpha Tower is indicative of deals that are being completed in the wider market and of the returning confidence that we’ve seen in Birmingham specifically.
“As the office market continues to improve, it is likely that we will see a number of city centre occupiers who have benefitted from the buyers market of the last six years finding themselves priced out of the core. We are already aware of prospective occupiers who are starting to experience this first hand and expect the situation to escalate.
“Alpha Tower will provide a solution to this problem, combining affordable, Grade A quality offices with a location at the very centre of Birmingham’s ongoing redevelopment.”
Alpha Tower is perfectly situated to benefit from the refurbishments of New Street Station and The Mailbox, the planned redevelopment of Paradise Circus and the adjacent nine acre Arena Central development.
CEG already manages a number of commercial properties within the city, including Tricorn House at Five Ways, SBQ by New Street Station and 36 Great Charles Street.
Work is due to commence imminently, which will see the new space delivered in phases from this summer, with GBR Phoenix Beard and CBRE advising as joint letting agents