Mailbox agrees six new leases
Mailbox REI, the newly-formed single asset company which owns the Mailbox in Birmingham, has announced that M7 Real Estate, the property’s current owner, has completed six leases at thge venue.
The deal total 16,913 sq ft comprising four units on Level 2 of the property and two at the canal side.
These latest lettings follow a recent agreement with IWG, the flexible workspace firm. IWG has agreed heads of terms on a 10-year management contract under its Spaces co-working and flexible office brand over the entire 50,000 sq ft of Level 1 of the Mailbox, which will be converted to office space following receipt of planning permission in May 2020.
Lucarelli’s, a high-end Italian restaurant and bar, has signed a 15-year lease at a canal side location that will include a glazed terrace area which can accommodate up to 150 guests. Also on the canal, Zizzi has signed a new 10-year lease for its existing restaurant, including the outdoor seating area.
Four new 10-year leases have also been signed for units on Level 2 of the Property. Medicine Bakery, a local Birmingham brand, will be move in to the Mailbox and will open a new restaurant as well as taking occupancy of a takeaway kiosk. Premium kitchen designers Kitchen Gallery and Harvey Jones will move from their existing locations to accommodate the conversion of the existing retail space on Level 1 to offices that will be operated by Spaces.
Richard Croft, executive chairman of M7 Real Estate, said: “This collection of lettings reflects the ongoing momentum behind the implementation of our asset management strategy for the Mailbox, despite the challenging backdrop.
“Once the market normalises following the pandemic, they will provide amenities for our office tenants and, having secured the important agreement with Spaces, we are well on our way to realising the full potential of the Mailbox as a pre-eminent ‘Live Work Play’ destination building in Birmingham with a complementary, ancillary retail and leisure offering.
“Our rental collection figures have remained robust throughout the pandemic and our repositioning of the property will ensure that it will be very well placed to further benefit from the expected recovery.”
