Administrators sell industrial site for more than £5m
Watling Real Estate has sold Medco House in Bordesley Green, Birmingham, for significantly more than the £5m guide price weeks after coming on the market.
The site lies adjacent to the Birmingham City Council-owned Birmingham Wheels redevelopment site.
The substantial freehold industrial site was marketed for offers over £5m and Chris Davies, a director of Watling Real Estate, said the price achieved reflected the strong pent-up demand for freehold industrial premises across the region.
Medco House extends to circa 211,000 sq ft on a site area of 6.86 acres and was sold on behalf of Mike Denny & Mark Firmin of Alvarez & Marsal, acting as joint administrators of CD Realisations 2023 Ltd (formerly Connect Distribution Services Ltd).
The site 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.
Chris Davies said: “When a rare freehold opportunity such as this comes on the market, there is likely to be strong interest not only from owner occupiers, but also the investor and developer marketplace, given its size and location.”
“We are very pleased to have achieved a successful result for the administrators and look forward to seeing a bright future for this site.”
Eversheds acted on behalf of the administrators as their legal advisors.