Watling Real Estate seals £3 million sale of Connect House, Birmingham
Watling Real Estate has sold Connect House, a substantial office building in Birmingham, for £3 million on behalf of administrators from Alvarez & Marsal.
A sale to a local occupier has been secured following an extensive marketing campaign on behalf of Michael Denny and Mark Firmin, who were acting as joint administrators of Electruepart Ltd.
The 42,638 sq ft long-leasehold property on Small Heath Business Park sits on a 3.8-acre site in a popular established commercial area, off the A45 dual carriageway.
Ben Holyhead, associate at Watling Real Estate, said: “While the office market has faced various structural challenges in recent times, we received a good level of interest in the site from a variety of owner occupiers, investors and developers, owing to the site’s strategic location, size and development potential.
“We are pleased to have secured a sale to a local occupier within an expedient timeframe for the benefit of the administration. The sale follows shortly on from our disposal of the substantial circa 200,000 sq ft Medco House, Bordesley Green Road, Birmingham, on behalf of the same administrators from Alvarez & Marsal.”
Eversheds provided legal advice to the administrators.
Watling Real Estate was created on 1 June 2023 by a management buyout, supported by Bassi Capital, of the real estate restructuring division of Avison Young. The business is headquartered in London with a network of offices in Birmingham, Manchester, Leeds and Bristol.
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For further information, please contact:
Ben Holyhead, Associate, Watling Real Estate, 75-77 Colmore Row, Birmingham, B3 2AP.
Issued by ASAP PR – 07990 978257
Watling Real Estate was created on 1 June 2023 by a management buyout of the real estate restructuring division of Avison Young. The business is headquartered in London with a network of offices in Birmingham, Manchester, Leeds and Bristol, providing national coverage with the benefit of local and regional expertise. It has a team of 20+ professionals offering a multi-disciplinary real estate advisory business and will immediately become one of the UK’s largest real estate restructuring consultancies.
The team, originally part of the GVA business and more recently Avison Young post-merger in 2019, is one of the most highly regarded and experienced real estate advisors operating within the restructuring and recovery marketplace. Over the past decade, the team has advised or transacted on real estate with a total value of over £11 billion, having worked on some of the most significant real estate restructuring projects in the UK.
Watling Real Estate is backed by Bassi Capital, a private family office with extensive core investments in the real estate sector including publicly listed companies, private limited companies, and joint partnerships. https://bassicapital.com/