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Mailbox posts £127m sale price

Published:  06 April, 2011

Brockton Capital and Milligan have bought the Mailbox in Birmingham city centre for £127.1m

In one of the largest investment deals this year, the 640,980-sq ft Mailbox complex in Birmingham city centre has been bought from its developers Alan Chatham and Mark Billingham by Brockton Capital and Milligan.

Occupying 4.8 acres of Birmingham’s city centre, the mixed-use development counts the BBC, Network Rail, Harvey Nichols, Emporio Armani and Thomas Pink among its tenants. The estate also includes 144 apartments and two hotels, all let on long ground leases.

Brockton Capital partner David Zimmermann said: “The innovative work of Birmingham Mailbox Limited in converting the giant former sorting office into a thriving mix of offices, restaurants, shops, hotels and apartments has been transformational for the centre of Birmingham.

And he added: “We have earmarked substantial funds to enhance the building in order to further improve the public realm, bring in new businesses, shops, restaurants and other leisure uses to the asset and to further cement its reputation as one of the best places in the city to work, shop, eat and relax.”

Brockton was advised on the acquisition by Jones Lang LaSalle and Shelley Sandzer. The vendor was advised by CB Richard Ellis and GVA.