Birmingham Mailbox property sold for £127.1 million.
Iconic commercial property in Birmingham acquired multi-million pound deal.
The Mailbox office and retail complex in Birmingham has been sold for £127.1m. The transaction, a joint venture between Brockton Capital and Milligan, saw the companies pay an astonishing £9m above the original asking price.
The building consists of 640,980 square feet of quality office, retail and restaurant space. Additionally, the site features a 686-space car park that spans 4.8 acres. The deal also includes 144 residential apartments, 165 dedicated private parking spaces and two hotels that are leased on long ground leases in the estate.
“Brockton Capital is excited to have invested into The Mailbox, one of the city’s most iconic buildings.The innovative work of Birmingham Mailbox Limited in converting the giant former sorting office into a thriving mix of offices, restaurants, shops, hotels and apartments has been transformational for the centre of Birmingham,” commented Brockton Capital partner David Zimmermann.
The Mailbox was originally a Royal Mail sorting office which was subsequently acquired by property entrepreneurs Alan Chatham and Mark Billingham. They then developed it into a commercial property and since then it has housed a diverse range of companies.
“Brockton Capital and Milligan will be looking to build on Birmingham Mailbox Limited’s good work at The Mailbox. We have earmarked substantial funds to enhance the building in order to further improve the public realm, bring in new businesses,” commented Mr Zimmerman.
Current tenants of the building include Network Rail, BBC, Emporio Armani, Harvey Nichols and Thomas Pink.