Cube goes on the market and may fetch PS60million.
Byline: Graeme Brown email@example.com
LANDMARK city centre building The Cube is to be put up for sale, the Birmingham Mail understands.
London-based real estate investor Tristan Capital Partners is understood to have appointed CBRE to seek a buyer less than three years after it took over the unmistakable building.
Market sources estimate it will fetch in the region of PS60 million, representing a signifi-cant rise from the PS37million price when Tristan bought it from administrator PwC in 2012.
However, it has undergone something of a renaissance in that time, with the likes of Japanese restaurant Shogun Teppanyaki and Bun & Bowl brought on board, and is now 100 per cent let.
The Cube comprises 111,000 sq ft of office space and 64,000 sq ft of shops and leisure.
There are more than 200 flats, which are not part of the sale process.
The sale comes at a key time for The Cube with the nearby Mailbox and Harvey Nichols store a matter of months away from opening following a PS50 million redevelopment.
Since taking over the Cube, Tristan, working alongside city firm EDG Property, has purchased Fort Dunlop and recently revealed multi-million-pound redevelopment plans.
Neither Tristan or EDG Property would comment when approached by the Mail.
The Cube |was bought for PS37million in 2012