Billingham looks forward after Mailbox sale

THE man behind one of Birmingham’s most iconic commercial property developments is looking ahead to future projects following its sale after a 13-year association.

Entrepreneur Mark Billingham, who bought The Mailbox complex in 1998 with his business partner Alan Chatham, said now was the time to look forward to projects including their regeneration of the Birmingham Post and Mail’s former offices.

It was announced today that London-based Brockton Capital, working on behalf of Brockton Capital Fund II and in partnership with Milligan, had bought The Mailbox for £127.1m, just over £9m more than the original asking price when it was put to market in January.

Mr Billingham said: “Almost 13 years to the day since we bought the old Royal Mail sorting office to convert it into The Mailbox, we are pleased to announce this sale to Brockton Capital.

“It has been a thoroughly enjoyable experience and we are now looking forward to having the time to move forward with our Chatham Billingham business and concentrating on our other projects including Land Fund, Post and Mail and other investment opportunities. We will be remaining in our offices in The Mailbox.”

Construction work on the Mailbox was finished in 2000 and it was officially launched the following year.

It features high end, boutique tenants such as Harvey Nichols, Hugo Boss and Emporio Armani alongside a host of bars, restaurants and the BBC’s main West Midlands TV and radio studios.

In April 2007, the complex was put on sale by the business partnership’s company ‘Birmingham Mailbox’, although this included their other project The Cube which was still under construction at the time. Due to a lack of interest, it was taken off the market following year.

Today’s deal, believed to be one of the biggest property transactions in the UK this year, comprises 640,980 sq ft of lettable office, retail and restaurant units and a 686-space public car park across 4.8 acres.

The estate also includes 144 residential apartments together with 165 private car spaces and two hotels which are all let on long ground leases.