One of Birmingham’s tallest buildings, Five Ways Tower, has been placed in receivership after standing empty for more than a decade. Corporate recovery specialists Craig Povey, David Oprey and Richard Toone, from accountancy firm Chantrey Vellacott, have been appointed joint-receivers. They will now seek a buyer for the property, though a guide price has not yet been agreed.
Designed by architect Philip Bright, the red-brick and glass tower was completed in 1979 and sits on a 2.1-acre city centre site on the corner of Frederick Road and Islington Road.
“The current owners have faced mounting challenges maintaining the building over the last few years which has led to our appointment as receivers,” said Craig Povey from the accountant’s Birmingham office.
“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,” 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.”
A previous 2011 attempt to sell the building for £12.5m failed through lack of serious interest. At the time the agent described it as containing 100,000sq ft of office space “with considerable scope for further expansion, six lifts, basement storage, a double height floor at the top which could be redesigned into magnificent executive quarters or as a destination restaurant”.
He claimed that: “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.”
