Leading Birmingham Developments On Sale

Leading Birmingham Developments On Sale

The Birmingham Development Company have put up on the market two of their leading developments in Birmingham.

The two buildings put up for sale are at the Mailbox in central Birmingham, one of the hot development areas in the city, and only a short distance from the popular Bullring shopping centre.

Leading the sale is a chunk of the distinctive Cube, a 17 floor mixed use residential and office building designed by Ken Shuttleworth's practise Make.

Although it's unbuilt the building has already proven popular with most of the 135 apartments within sold out and the planned top floor restaurant only recently let out to D&D London, formerly known as Conran Restaurants.

Within are also 10,000 square metres of office space, 3,000 square metres of shops on the lower floor and a hotel with all the units overlooking a central space public space creating a huge interior atrium.

Also included in the sale is the rest of the Mailbox which has already been built. It offers 27,500 square metres of office space, 38 shops, 15 restaurants, 144 apartments, and a couple of hotels.

CB Richard Ellis are advising the Birmingham Development Company on the sale which they hope will get a price tag of about £300 million.

This will comprise of £100 million in a funding partnership with the developer to finish the Cube reducing their exposure on the project. The other £200 million will be for buying the Mailbox.

Interestingly the Cube will be the most profitable of the two if the Birmingham Development Company gets their way with a yield of 5.5% compared to 4.75% for the rest of the Mailbox showing the profitability that can be gotten from well designed landmark new builds.

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