Edginton’s School Yard acquired by Avignon Capital in undisclosed deal
PROPERTY investment and asset management company, Avignon Capital, has acquired the commercial assets of Harborne food hub, The School Yard in an undisclosed deal.
The School Yard, a Grade II listed Victorian former school, was originally built in 1891. It has undergone a £5.5m facelift courtesy of Birmingham developer Neil Edginton’s EDG Property.
The building, distinguished by its clock tower, first housed the local school before taking on a number of different uses, most recently as an adult learning and community centre.
Following the EDG redevelopment it is now home to a newly-created new public square, residential accommodation and commercial outlets for restaurant chain Prezzo, Boston Tea Party and Birmingham-based coffee shop business, Urban Coffee Company.
A cross discipline team from top 50 law firm, Gateley advised Avignon Capital on the deal. The Gateley team was led by Real Estate senior associate, James Madill, and supported by director of Planning, Gerry Sheedy, Tax associate, Victoria Metcalfe and Construction solicitor, Christian Mulvihill. Mark Johnson of MK2 Real Estate acted as agent.
Madill said: “The seller plans to develop a residential scheme next to the commercial units which meant that there were certain complex issues that needed to be addressed. We needed to ensure that there was adequate flexibility in the commercial scheme to protect investment value and maintain scope for future site enhancement.
“With historical and architectural significance to the city, the purchase ensures that the reconfigured property will benefit the local area for years to come.”
Clive Nichol, of Avignon Capital, said: “As a London-based business, we felt that it was important to work with a law firm that possessed an in-depth knowledge of investment transactions in the Birmingham market. Gateley’s knowledge in this area made it an ideal partner and allowed the purchase process to run smoothly.
“The input of MK2 Real Estate also played a key role in the deal’s successful completion. Their ability to broker the deal off market sped up and simplified the purchasing process.”
Gateley’s Birmingham Retail and Occupiers team have advised on a number of high profile regional property deals in recent months including Birmingham headquartered café chain, Patisserie Valerie’s acquisition of Philpotts sandwich business and advising the UK’s leading online cycling and tri-sports retailer, Wiggle on its long-term lease of the Citadel Logistics Centre in Wolverhampton.
