Mailbox

The Mailbox is one of Europes’s biggest and most exciting mixed use assets, providing a 24/7 destination

Business Birmingham

Executive
Summary

The UK’s largest mixed use asset outside of London

Iconic and vibrant 4.8 acre scheme in the centre of Birmingham, the UK’s second city

4 minute walk from Birmingham New Street Station, the UK’s busiest train station outside of London

Birmingham city centre has attracted major new regional headquarter commitments (excluding those at Mailbox) from the likes of HSBC, PwC, HMRC (ie: HM Govt.), Deutsche Bank and HS2, who together are bringing c.10,000 high quality, new office jobs to the city by 2020

Mailbox comprises a total of c.690,000 sq ft, including:

  • 200,000 sq ft of high quality office space
  • 19 food and beverage outlets, many of them overlooking the waterfront (69,000 sq ft)
  • Boutique cinema (12,000 sq ft)
  • Harvey Nichols department store (45,000 sq ft)
  • 37 retail units let to a number of luxury and homewares brands (88,000 sq ft)
  • 687 car parking spaces (243,000 sq ft)
  • Vodafone switching station (18,000 sq ft)

Total gross rental income of £13.2m pa

  • Office £5.0m pa (38.3%)
  • Leisure £2.8m pa (20.9%)
  • Retail £2.8m pa (21.0%)
  • Car Park £1.7m pa (12.9%)
  • Department Store £0.5m pa (3.9%)
  • Other £0.4m pa (2.9%)
  • Net operating income (NOI) of £12.6m pa

For sources and footnote references please refer to the executive summary found on the downloads page.

Occupiers include the BBC, Advanced, WSP, Harvey Nichols, Hugo Boss, Everyman Cinema and a major car park operator

Very long and strong average weighted unexpired lease term of 15.2 years to expiry and 14.2 years to breaks

  • Offices 10.7 years (WAULTC)
  • Leisure 12.4 years (WAULTC)
  • Retail and Department Store 9.7 years (WAULTC)
  • Car Park 35.0 years (WAULTC)
  • Other 5.2 years (WAULTC)

Despite the length and strength of the income, there are numerous asset management opportunities in the short and medium term

Further income growth through accretively leasing-up the remaining vacant space (4.8% by floor area to be leased-up)

Freehold and Virtual Freehold title

The wider estate includes 144 residential units and 2 hotels (283 rooms), sold off on long leasehold interests, which contribute significant footfall and vibrancy to the broader estate