Broad Street nightclub hits the market
The former home of Zara’s nightclub on Broad Street has hit the market as the latest investment opportunity in Birmingham’s “Golden Mile”.
Bond Wolfe and Sanderson Wetherall have been instructed by receivers to sell the freehold property at 80 Broad Street.
The three-story, Grade II listed building was previously the Royal Orthopaedic Hospital. It was later turned into a bar run by various operators, most famously Old Orleans and later Zara’s. The former closed two years ago and the site fell to receivers.
The former home of Zara’s nightclub on Broad Street has hit the market as the latest investment opportunity in Birmingham’s “Golden Mile”.
Bond Wolfe and Sanderson Wetherall have been instructed by receivers to sell the freehold property at 80 Broad Street.
The three-story, Grade II listed building was previously the Royal Orthopaedic Hospital. It was later turned into a bar run by various operators, most famously Old Orleans and later Zara’s. The former closed two years ago and the site fell to receivers.
The three-storey building spans 13,277 sq ft, with market sources indicating bids in excess of £2m.
High demand for a spot on Birmingham’s Broad Street also means the sale could go to Bond Wolfe’s December auction.
Development potential and proximity to the central business district has attracted a number of investors to Broad Street in recent years. This hive of activity has seen a number of old bars and nightclubs turned into residential skyscrapers, largely catering to new young professionals in the city centre.
Next year, Moda Living is due to compete the redevelopment of Tramps at 212 Broad Street, creating a 481-flat BTR scheme. Local millionaire Afzal Alimahomed has been trying to sell a site with consent for a 61-storey tower at 100 Broad Street, and nearby Taylor Grange is seeking investment for BTR and a hotel.
While development of Zara’s will be limited by its listed status, as a leisure destination it is set to benefit from the increase of people living in the area. Further development would be subject to planning.
Gurpreet Bassi, chief executive of Bond Wolfe, said: “The building is a well-known and recognised property in a very popular location. As the hospitality sector continues to pick up, we are anticipating strong interest from both leisure operators and those with a close eye to the potential of this outstanding location.”
Tim Simmons, partner at Sanderson Weatherall, added: “This is a major investment opportunity and we are already receiving significant interest from local, regional and national operators and investors.”
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