Sterling Property Ventures (Sterling) has acquired Water’s Edge, Brindleyplace, Birmingham, from British Airways Pensions Trustees Ltd.
The 62,000 sq ft canal-side restaurant and bar development boasts 12 units, fully let to occupiers including All Bar One, Wagamama, Cosy Club and Slug and Lettuce. The scheme sits on a 1.18 acre site and has been owned by BA since it was developed in 1994.
The acquisition is Sterling’s second since it set up its asset management and investment arm last Autumn. The business acquired Mitchells & Butlers’ Birmingham headquarters, at 27 Fleet Street and 65 Lionel Street, from Legal & General earlier this year, in a £46m deal. Sterling also developed Birmingham’s flagship office development, 103 Colmore Row.
The Water’s Edge is part of a mixed portfolio of seven commercial property assets, acquired from British Airways Pensions for £236million.
All properties in the portfolio, which includes a shopping centre, retail and logistics warehousing, offices, a hotel and food and beverage space, are in the English regions. They are freehold or held on long leases and boast a combined income in excess of £18.5 million.
James Howarth, Sterling’s managing director, said: “Sterling now has three significant assets in Birmingham.
“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.”
Sterling has ambitious plans to have a minimum of £1billion of assets under management. The firm appointed new shareholders Adam Crickmore and Neil Ridley to its board last year to expand its asset management and investment business.
Sterling was represented by Knight Frank and HP Four LLP on the British Airways Pensions deal. Colliers undertook building surveys, with MAPP providing property management advice.
Fund manager BlackRock, through its Real Estate business, led the deal on behalf of British Airways Pension Trustees Limited, with joint agents ACRE Capital, Morgan Williams and Capital Real Estate Partners handling the sale.
