The Square on Birmingham’s Broad Street hits the market
Freshwater Group and the Schools of King Edward VI have instructed Highgate Land and Development, Avison Young and JLL to sell the long-leasehold of The Square on Birmingham’s Broad Street.
The 1.7-acre site is being sold on a 250-year lease. It includes an office building of 14 terraced blocks of up to four storeys arranged around a central courtyard.
It currently comprises a 55,115 sq ft occupied office, with tenants including Compttec, Connect Church and Mooville Theatre on short-term leases. Vacant possession will be provided on completion.
Freshwater Group and the Schools of King Edward VI have instructed Highgate Land and Development, Avison Young and JLL to sell the long-leasehold of The Square on Birmingham’s Broad Street.
The 1.7-acre site is being sold on a 250-year lease. It includes an office building of 14 terraced blocks of up to four storeys arranged around a central courtyard.
It currently comprises a 55,115 sq ft occupied office, with tenants including Compttec, Connect Church and Mooville Theatre on short-term leases. Vacant possession will be provided on completion.
Birmingham City Council has approved the development of 98 residential apartments through permitted development rights on the site, however the agents anticipate a larger residential scheme of more than 500 flats.
Broad Street has been identified as an area for high-rise development.
A number of prominent resi schemes are under way, including Moda Living’s 481-home, 42-storey build-to-rent scheme The Mercian at 212-223 Broad Street and Regal’s 394-home, 31-storey scheme at 60 Sheepcote Street.
See also: Give my regards to Broad Street, say investors
The site sits between the affluent Edgbaston estate and the new Arena Square, with Brindleyplace and Five Ways train station both within a five-minute walk.
Agents have not disclosed a guide price for the site, but said they are accepting unconditional and subject to planning offers. Bidders will be judged on a combination of price and design. The deadline for bids is 12 June 2019.
According to Radius Data Exchange, Freshwater Group paid £9.3m for the long leasehold in a deal that reflected a 9.16% yield in 2005.
Marks Birks, head of regional land and development at Avison Young, said: “The proposed redevelopment of the former Square office scheme presents a unique opportunity to promote and deliver a gateway site into Birmingham City Centre.
“The wholesale regeneration and extent of development within this area of Birmingham offers an exciting site with the potential to create a scheme of significant scale.”
Richard Roberts, director at Highgate Land and Development, said: “We’re expecting interest in the site from a variety of national and regional developers. Proposals are likely to be on the basis of a comprehensive high-rise new build development.”
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