Watling Real Estate has sold Connect House, a substantial office building in Birmingham, for £3million on behalf of administrators from Alvarez & Marsal.
A sale to a local occupier has been secured following an extensive marketing campaign on behalf of Michael Denny and Mark Firmin, who were acting as joint administrators of Electruepart Ltd.
The 42,638 sq ft long-leasehold property on Small Heath Business Park sits on a 3.8-acre site in a popular established commercial area, off the A45 dual carriageway.
Ben Holyhead, associate at Watling Real Estate, said: “While the office market has faced various structural challenges in recent times, we received a good level of interest in the site from a variety of owner occupiers, investors and developers, owing to the site’s strategic location, size and development potential.
“We are pleased to have secured a sale to a local occupier within an expedient timeframe for the benefit of the administration. The sale follows shortly on from our disposal of the substantial circa 200,000 sq ft Medco House, Bordesley Green Road, Birmingham, on behalf of the same administrators from Alvarez & Marsal.”
Eversheds provided legal advice to the administrators.
Watling Real Estate was created on 1 June 2023 by a management buyout, supported by Bassi Capital, of the real estate restructuring division of Avison Young. The business is headquartered in London with a network of offices in Birmingham, Manchester, Leeds and Bristol.