Birmingham Development Company has appointed CB Richard Ellis to sell the 139,353 m[sup]2[/sup] Mailbox mixed-use scheme and its neighbour Cube development in Birmingham for £300 mln (EUR 441mln). Mailbox is reportedly the UK's largest mixed-use property comprising 27,499 m[sup]2[/sup] of offices, 38 shops, 15 restaurants, 144 flats, two hotels and a car park. The BBC and Network Rail are the property's main tenants. The Mailbox generates around £10 mln a year in rent: 45% from offices, 25% from retail, 13% from restaurants and 17% from car parking.
Birmingham Development Company has appointed CB Richard Ellis to sell the 139,353 m2 Mailbox mixed-use scheme and its neighbour Cube development in Birmingham for £300 mln (EUR 441mln). Mailbox is reportedly the UK's largest mixed-use property comprising 27,499 m2 of offices, 38 shops, 15 restaurants, 144 flats, two hotels and a car park. The BBC and Network Rail are the property's main tenants. The Mailbox generates around £10 mln a year in rent: 45% from offices, 25% from retail, 13% from restaurants and 17% from car parking.
The Cube is the second phase of the complex, which will comprise some 46,450 m2 of residential space, 10,358 m2 for office use as well as 2,787 m2 of restaurants, shops, and a hotel. Completion for the scheme, funded by Lloyds TSB, is scheduled for spring 2010. The company is selling the Mailbox for £200 mln, and is looking for a funding partner to invest £100 mln in the Cube development.