The Mailbox car park offloaded in £25m deal
Credit: Google Street View
Martley Capital has disposed of The Mailbox’s Q-Park car park for more than £25m.
The 687-space car park is on a long lease to car park operator, Q-Park, with an unexpired term of over 28 years.
It was bought to the market by JLL at the end of 2024, with a quoting price of more than £25m, reflecting a yield of 7.69%.
Last August, Martley refinanced the landmark building after securing £90m of new debt. £65m came from specialist lender Leumi and Mailbox REIT issued a loan note which filled the remaining finance gap.
A senior facility and loan note also meant that Deutsche Bank would be paid a chunk of its outstanding debt, believed to be around £100m. The Mailbox had breached the terms of a £108.5m loan from the German Bank after a revaluation of the site slashed its value by more than £30m in January 2023.
Its loan-to-value (LTV) ratio soared to 69.1% – well above the agreed covenant of 60%.
Jack Thoms, head of real estate at Martley Capital said: “The sale of the car park is a great result for the asset and marks the successful execution of a key stage in our business plan for The Mailbox.
“The car park provides the purchaser long dated income from a strong covenant in a key location in the city centre. Looking forward, Martley will continue to drive Mailbox as Birmingham’s key Live Work Play destination, with further asset management initiatives to enhance Mailbox’s unique offering.”
Martley Capital was represented by JLL.
