Birmingham’s Mailbox complex sold for £127.1m

BIRMINGHAM’S boutique retail and office complex The Mailbox has been sold for £127.1m – £9m over the original asking price.

London-based Brockton Capital, on behalf of Brockton Capital Fund II, has partnered in the transaction with Milligan, also based in London.

The deal comprises 640,980 sq ft of lettable office, restaurant and retail units and a 686-space car park across 4.8 acres.

The estate also includes 144 residential apartments, 165 dedicated private parking spaces and two hotels which are all let on long ground leases.

A former Royal Mail sorting office, the Mailbox was bought by property entrepreneurs Alan Chatham and Mark Billingham for £4m and opened in 2000.

Brockton Capital partner David Zimmermann said: “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.

“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…..and to further cement its reputation as one of the best places in the city.”

Brockton Capital was advised on the acquisition by Jones Lang LaSalle, Shelley Sandzer, Gleeds, BDO and Nabarro.
The vendor was advised by CB Richard Ellis, GVA and Eversheds.