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 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.”
Richard Paxton, operations director at Praxis Facilities Management Limited, said:
“Praxis Facilities Management are delighted to be delivering the facilities management, security and environmental services to The Water’s Edge and we look forward to working with Sterling to continue the successful operation of this bustling area of Birmingham.”
