Mailbox sees value fall, but has high hopes for the future
The value of Birmingham’s iconic Mailbox has fallen by 1.4%, but M7 has said this would have been far worse without its active asset management.
Net asset value per share for the single-asset Mailbox REIT has fallen to 95.26p.
The Mailbox has been steadily slimming down its retail floorspace, which now accounts for less than 14%, and has been taking steps to ensure that the departure of its lead tenant, the BBC, in 2026, does not leave it with a void.
The value of Birmingham’s iconic Mailbox has fallen by 1.4%, but M7 has said this would have been far worse without its active asset management.
Net asset value per share for the single-asset Mailbox REIT has fallen to 95.26p.
The Mailbox has been steadily slimming down its retail floorspace, which now accounts for less than 14%, and has been taking steps to ensure that the departure of its lead tenant, the BBC, in 2026, does not leave it with a void.
Non executive chair Stephen Barter said: “We continue to be encouraged by the operational resilience of the Mailbox and the longer-term strength of its rental income. This is reflected in a property valuation which, though inevitably clipped (a 1.4% reduction for the quarter), remains very robust at £189.7m. This resilience is largely a result of the purposeful asset management and sustainability plan which our asset manager, M7 Real Estate, has been implementing since before the IPO.”
The building’s IWG-operated co-working offer, which opened in May, is now 50% occupied, ahead of target.
Barter added: “As we reported in August, the expected departure of the BBC in 2026 presents a good opportunity to enhance the building’s rental income from the reversionary potential of the accommodation released and to make further progress towards our carbon-neutral objective. A substantial dilapidations claim has been served on the BBC. In the meantime, we will continue to receive the benefit of the BBC’s income and presence within the building for almost four more years.”
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Image from Mailbox REIT
