The UK’s largest independent commercial property consultant and Birmingham’s leading property advisor, GVA, has been appointed to seek a purchaser for the well known Orbital Plaza development at Cannock.
Situated in a prominent location adjacent to the M6 Toll Road and just three miles from Junction 11 of the M6, Orbital Plaza features one of the most instantly recognisable and iconic buildings in the area, the 13-storey Lion Point, currently home to a 95 bedroom Ramada hotel.
Occupying a site of approximately 0.89 hectares (2.17 acres), the mixed-use development includes two additional detached buildings – Watling Court and Bridge Court – which feature ground floor commercial accommodation, with serviced apartments and offices above.
James Williamson, Director with GVA’s Hotels and Leisure team, said: “This is an exciting opportunity to acquire an iconic multi-use asset in an exceedingly prominent location. Orbital Plaza offers a mix of stable income streams that will appeal to a broad range of purchasers keen on proactively managing their property investments.
“As a mixed use development, Orbital Plaza has been very successful, with occupiers in all but one of the ground floor commercial units and strong demand from business tenants for lets of up to six months in the serviced apartments.”
“There is a shortage of opportunities such as this in the market and we expect a strong level of interest from commercial property investors and hotel owners alike.”
Orbital Plaza itself provides 143 car parking spaces, with additional spaces available at 3 Bridge Street, which is situated across the road from the main site and is included as part of the sale.
Charles Tippet, Chief Executive, The Pritchard Group, said: “The Pritchard Group created this landmark hotel and complex in 2006 and has successfully worked up the asset which is achieving strong occupancy across the hotel, residential and commercial units. We now feel that it is timely to sell the complex to a party keen to guide it through its next phase of asset management. The Pritchard Group continues to manage its commercial property portfolio with a spread across the industrial, logistics, retail and office sectors in Staffordshire.”
Offers in excess of £5.75 million are invited for the mixed-use development. Parties wishing to submit proposals for only part of Orbital Plaza are advised to contact GVA.