Birmingham Office Investment, Sold - January 2010
MREFII acquired the freehold of Mitchells & Butlers plc’s (M&B) headquarter Grade “A” specified office building, with an interlinked and separately accessed 120 bedroom hotel, from M&B on a sale and leaseback in January 2009. The property was built by M&B in 2003 and is located on Fleet Street in Birmingham. The premises were rented back to M&B on a long lease for their continued occupation.
The 95,000 sq ft office building is constructed over three main floors, with three levels of basement car park. The hotel is over four levels with an entrance, reception desk and restaurant at ground floor. The basement car park provides 278 spaces. The hotel is operated by M&B under a franchise agreement with InterContinental Hotels Group, trading as a Holiday Inn Express.
Sale
Having achieved our business plan, MREFII sold this investment in January 2010.
Key Facts:
- Acquired in January 2009 as a sale and leaseback
- Single lease back to M&B, a FTSE 250 company
- Prime Birmingham office location
- Constructed in 2003
- 95,000 sq ft Grade A office building
- 120 bedroom hotel operated by M&B as a franchised Holiday Inn Express
- 278 car parking spaces
- Sold in January 2010.