Martley delivers car park at Birmingham’s Mailbox to market

Richard Croft’s Martley Capital Group has put up the long-let car park at Birmingham’s Mailbox for sale for offers over £25m. JLL has been appointed to sell the Q-Park operated car park, with the asking price reflecting a 7.69% net initial yield, and a minimum equivalent yield of 9.01%. The asset is let to Q-Park for 28.85 years, unexpired without break. Q-Park is owned by KKR, specifically KKR Infrastructure, and has a portfolio comprising 570,000 parking spaces spread over more than 3,000 car parks in the Netherlands, Belgium, Germany, Great Britain and Ireland, France, and Denmark.  The Mailbox – a 700,000 sq ft mixed-use office and retail asset – secured £90m of fresh debt to refinance earlier this year.  The firm has secured £65m from lender Leumi UK, with the remainder made up through the issuance of a loan note from Mailbox REIT. Prior to the refinance, Martley appointed JLL to market the asset for a £120m-plus price tag, 25% lower than the £162.5m valuation given by Mailbox REIT’s valuers in June and £70m less than M7 paid for the for the asset in late 2019. See occupational sale comparables in Birmingham >> Photo © David Bagnall/Shutterstock