The Mailbox, which comprises 1 million sq ft of prime real estate, is the UK’s largest mixed-use asset outside London, situated on an iconic 4.8 acre estate in the centre of Birmingham.
Located a short walk from New Street Station within extensive canal-side public realm, The Mailbox incorporates a broad and complementary mix of uses, including Grade A office space, retail and leisure, as well as two hotels and 144 residential apartments, which have been sold off on long leasehold interests.
It is a vibrant estate benefitting from a 14 year WAULT providing a strong and diverse income profile from a line-up of occupiers including the BBC, WSP and Advanced, through to Harvey Nichols, MADE.com, Everyman cinema and Q-Park.
Out of the broader 1 million sq ft estate, approx. 682,000 sq ft is under the direct control of The Mailbox, with the balance accounted for by two sold-off hotels and 144 apartments.
This investment comes at an exciting time for Birmingham as it continues to benefit from significant public and private investment, net new job creation, improving transport infrastructure, economic growth, and major events such as the upcoming 2022 Commonwealth Games.
Richard Croft, Executive Chairman of M7, commented: “The Mailbox is a first class asset in a strong location in the UK’s second largest city and the acquisition is in line with M7’s focus on assets in regional locations, a strategy which is underpinned by a number of key drivers that support tenant demand including occupier affordability, particularly compared to London, as well as improved communications and connectivity. Brockton Capital and Milligan Retail have done a fantastic job in bringing The Mailbox forward and we now look forward to picking up the mantel and executing a number of further asset management initiatives we have identified for property.”