Mill Wharf purchase extends investor’s Aston commitment
Birmingham real estate investor Woodbourne Group has bought Mill Wharf from Downing Group as part of a £5.5m investment in the area.
Woodbourne now owns 60,000 sq ft of mixed-use space over 2.5 acres at the wider site. It now owns every property on Mill Street, Aston, which is next to the A38 opposite Matalan.
Mill Wharf accounts for more than 20,000 sq ft and was marketed seeking offers above £2.6m.
Tani Dulay, chief executive of Woodbourne Group, said: “Successfully acquiring the Mill Wharf investment on the open market is a demonstration of our ability to conclude deals within a timely manner.”
The site sits within the Birmingham Curzon Masterplan Area for HS2 and is close to the University Quarter.
Feasibility studies that were carried out on behalf of Downing ahead of the site being marketed for sale suggested there is the potential for 257-bed student accommodation, a 101-unit residential scheme or for the site to be redeveloped to a higher-density office scheme.
Not-for-profit training company JTL has a lease until August 2023.
Nick Lewis, partner of Downing LLP, added: “Having recently re-geared the lease with the occupier JTL, which included bringing in the adjacent car park owned by the tenant, now was the opportune time for a disposal of this asset and Woodbourne Group were an obvious buyer.”
The car park was bought from JTL for £310,000.
Gateley partner James Madill acted for Woodbourne Group. DWF and MK2 Real Estate acted for Downing.
