Birmingham Mint site bought out of administration
THE historic site of the former Birmingham Mint development has been sold by administrator Deloitte.
The site, in Icknield Street, Hockley, has been bought by Raybone Developments (Mint) Limited.
The value of the deal has not been disclosed but the prime site, which is earmarked for a mixed-use luxury apartment and commercial scheme, could eventually realise around £40m.
Joint administrators Matt Cowlishaw and Dominic Wong of Deloitte completed the sale, which was prompted by the collapse of the Junared Group of companies in June last year.
The development, which is part complete, was set for 192 high quality residential one, two and three bedroom apartments, together with 51,000 sq ft of commercial space.
However, the new owner plans to amend this to create 224 apartments and 66,000 sq ft of grade A office space, with 234 underground parking spaces.
Mr Cowlishaw said: “I am delighted that, with the help of many of the professionals and contractors involved with this development, a sale has been achieved.
“Work had ceased on the development in September 2007 and the sale will result in the development, on an important site in the city centre, being completed.”
David Raybone, of Raybone Developments (Mint), said: “The company is delighted with the acquisition of such a high profile site in the Jewellery Quarter.
“The 192 apartments will be retained by the company and let out to professional clients as a gated community, with an onsite management and maintenance team.
“The planning will be increased to 224 apartments and 66,000 square foot of grade A office space, with 234 underground parking spaces.”
The Grade 1 and II-listed features of the original building, including its iconic 130ft tall chimney stack, will all be retained.
The sale is a significant boost for the city’s commercial property sector following the collapse last month of Cube developer, Birmingham Development Company.
Mr Cowlishaw and Mr Wong were appointed as joint administrators of Junared One Limited, Junared Two Limited, Junared Three Limited, Burridge Land Limited, Warnock Estates Limited last year.
In addition to the Mint site, the companies were also involved in two small development schemes in London.
The joint administrators were advised on the sale by Colliers CRE in Birmingham.
