Thu, 20 Jun 2024 | COMMERCIAL PROPERTY
A canalside restaurant and bar development in Birmingham has been acquired by Sterling Property Ventures. The Water's Edge, Brindleyplace, which has been acquired from British Airways Pensions Trustees Limited, is home to national operators such as Wagamama.
The 62,000 sq ft unit comprises 12 units, which are fully let to occupiers including Slug and Lettuce, All Bar One, Wagamama and Cosy Club. It is located on a 118-acre site and has been owned by BA Pensions Trustees since it was developed in 1994.
The Water’s Edge is part of a mixed portfolio comprising seven commercial property assets which have been acquired from BA Pensions for £236 million.
The deal is Sterling’s second acquisition since it established its asset management and investment arm in autumn 2023. The acquisition follows its £46 million takeover of Mitchells & Butlers' Birmingham headquarters, at 27 Fleet Street and 65 Lionel Street, from Legal & General earlier this year. The division has also developed a flagship office site at 103 Colmore Road.
James Howarth, Sterling's managing director, said: "Sterling now has three significant assets in Birmingham.”
He continued: "The Water's Edge enjoys a prominent location at Brindleyplace, opposite the International Convention Centre and close to the National Sea Life Centre and Utilita Arena. It is one of the best performing regional restaurant/bar schemes in the UK."
Knight Frank and HP Four LLP represented Sterling on the deal, while Colliers undertook building surveys and MAPP provided property management advice. Fund manager BlackRock’s Real Estate division led the deal for British Airways Pension Trustees Limited, with joint agents Capital Real Estate Partners, ACRE Capital and Morgan Williams handling the sale.
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