Shed placed on the market for £5m by administrators
An industrial building in Bordesley Green has been placed on the market following the administration of Connect Distribution Services.
The 211,000 sq ft Medco House is up for sale with Watling Real Estate looking for offers in excess of £5m.
Connect Distribution Services, which sold appliance spares, accessories and consumables to both tradespeople and consumers, fell into administration in March and was acquired by Screwfix.
Screwfix which is part of the Kingfisher group completed a £3m deal for the stock, intellectual property, contracts and fixed assets of Connect Distribution Services, with more than 400 employees transferring to the group.
Watling Real Estate has been instructed to market Medco House by administrators Alvarez & Marsal.
Chris Davies, a director of Watling Real Estate, said: “This is a rare freehold opportunity to purchase a substantial industrial property which is suitable for owner occupation but will also appeal to the investor and developer marketplace given its size and location.
“Medco House is adjacent to the proposed Birmingham Wheels redevelopment site, a 40 acre parcel of land earmarked for industrial, and employment uses, which is less than four miles from Junction 6 of the M6 Motorway.”
“Given the strong pent-up demand for industrial premises across the Midlands region, coupled with the redevelopment potential the site offers, we are anticipating strong interest from a range of parties looking to secure an opportunity of this scale.”
Watling Real Estate was formed this month by a management buyout, supported by Bassi Capital, of the real estate restructuring division of Avison Young. The business is headquartered in London with a network of offices in Birmingham, Manchester, Leeds and Bristol.
