In December 2004 Abstract, as part of a joint venture company, acquired the freehold interest in the former Trinity Mirror Post & Mail offices in Colmore Circus in the centre of Birmingham. Abstract then redeveloped the site into a new 14-storey office building of 307,056 sq ft called Colmore Plaza. Abstract financed this project from its own resources with the support of bank debt.
The building was completed in January 2008, three months ahead of schedule. The building offered the largest (approximately 23,000 sq ft each) and most flexible floor plates in the City and the building’s construction is based on a City of London specification, providing a quality of accommodation which has not previously been enjoyed in Birmingham.
Carlyle Group contracted to acquire the building in late 2006 and completed their £150 million acquisition on practical completion in January 2008.
This transaction won various awards including the 2008 BCO Midlands and East Anglia Commercial Workplace Award for the quality of the building, the 2007 Deal of the Year Award from Midlands Business Insider and the 2007 Deal of the Year Award from Midlands Property Week.