Birmingham's landmark Mailbox building is being put on the market with a price tag in excess of £120 million.
Mailbox REIT, the company which owns the mixed-use complex, is inviting bids for the famous city centre building.
Once home to a Royal Mail sorting office, Mailbox has a boutique shopping mall, car park, offices and food and drink venues, encompassing 1.07 million sq ft of space across a 6.2-acre footprint.
It counts a string of household names among more than 40 tenants including fashion brands Harvey Nichols and Gieves & Hawkes, a co-working hub run by Spaces, Everyman cinema and bars and restaurants such as Aluna, Côte Brasserie and Pennyblacks.
It also houses the main Midlands broadcasting centre for the BBC but the corporation is set to leave its home since 2004 to launch a new base in the former Typhoo Tea factory in Digbeth, expected in 2026. BBC represents 18 per cent of the income from tenants at the Mailbox.
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The canalside complex currently has an annual rental income of £12 million and a vacancy rate of just 4.6 per cent.
A new marketing brochure, seen by BusinessLive, details the opportunity for investors and says "offers are being sought in excess of £120 million".
It says: "A rare opportunity to acquire one of the UK's largest mixed-use assets, a workplace and lifestyle icon.
"The Mailbox is exceptionally well let, with a very low vacancy rate and benefits from significant asset management, value add and repositioning options in the immediate and longer term.
"The Mailbox offers an established workplace and lifestyle ecosystem, with a balanced mix of office, leisure and cinema, retail and department store and car park uses."
The Mailbox is currently owned by Mailbox REIT which in 2021 became the first company to list on the International Property Securities Exchange (IPSX) which was set up to trade shares in businesses owning single property assets.
Businessman and former BBC Dragon James Caan was among the early investors in both Mailbox REIT and the stock exchange itself.
However, in September IPSX announced it would close down by the end of this year and Mailbox REIT has since delisted from the exchange, confirming in October that it would not seek to list the asset on another exchange.
Property group M7 Real Estate, which initially acquired the Mailbox in 2019 from Brockton Capital and Milligan Retail, is both a major shareholder in Mailbox REIT and also the building's asset manager.
Property agency JLL has been instructed to handle enquiries about the new sale.
M7 Real Estate, JLL and Mailbox have all been contacted for comment.
