Watling Real Estate sells Medco House for more than £5 million
Watling Real Estate has sold Medco House in Bordesley Green, Birmingham, for significantly more than the £5 million guide price only weeks after coming on the market.
The site lies adjacent to the Birmingham City Council-owned Birmingham Wheels redevelopment site.
The substantial freehold industrial site was marketed for offers over £5 million and Chris Davies, a director of Watling Real Estate, said the price achieved reflected the strong pent-up demand for freehold industrial premises across the region.
Medco House extends to circa 211,000 sq ft on a site area of 6.86 acres and was sold on behalf of Mike Denny & Mark Firmin of Alvarez & Marsal, acting as joint administrators of CD Realisations 2023 Ltd (formerly Connect Distribution Services Ltd).
The site is adjacent to the proposed Birmingham Wheels redevelopment site, a 40 acre parcel of land earmarked for industrial and employment uses, which is less than four miles from Junction 6 of the M6 Motorway.
Chris Davies said: “When a rare freehold opportunity such as this comes on the market, there is likely to be strong interest not only from owner occupiers, but also the investor and developer marketplace, given its size and location.”
“We are very pleased to have achieved a successful result for the administrators and look forward to seeing a bright future for this site.”
Eversheds acted on behalf of the administrators as their legal advisors.
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.
For further information, please contact:
Chris Davies, Director, 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/