A mystery buyer has snapped up a near-derelict 23-storey Birmingham commercial block that has stood empty for more than a decade.
Described as a “challenging” sale by David Oprey, a partner at accountants Chantrey Vellacott acting as receiver, he said a confidentiality clause in the contract prohibited him from naming the new owner of landmark Five Ways Tower in Edgbaston. Nor could he disclose the amount paid for the building close to the city’s Five Ways railway station.
The block, which sits on a prime two-acre site, attracted considerable interest when its latest owners collapsed into receivership earlier this year. Its last tenants moved out in 1999, just 20 years after the 100,000 sq ft building’s completion. Since then a number of international leisure chains have explored the possibility of acquiring it.
One attempt to sell Five Ways Tower in 2013 valued it at £12.5m with the brochure claiming: “Several top brand hotels have expressed interest in acquiring the building from its current owners, since its solid concrete design is a ‘text book case’ for converting into a business class hotel with considerable space for conference, banqueting and leisure facilities.”
Chantrey Vellacott’s corporate recovery specialist, Craig Povey, recently explained: “All the owners have faced mounting challenges maintaining the building over the last 15 years which has led to our appointment as receivers,” explained
“While Five Ways Tower has been empty for some time the building stands in a sought-after location in the prestigious business district around Five Ways and Hagley Road.”
Significant structural work would have to take place before any development but, he added, “the building has a car park for approximately 400 vehicles and, with investment to bring the property up to standard, it has great potential”.
The surrounding Five Ways district is one of Birmingham’s key gateways from the south and is a major urban centre containing an entertainment centre, business and leisure parks, hotels, shopping malls and housing estates.
Designed by Philip Bright, of the Property Services Agency, Five Ways Tower is still Birmingham’s forth tallest office building after Alpha Tower, 103 Colmore Row and Centre City Tower.
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