The landmark office block Intersection House has been bought for a potential redevelopment by Claremont Property Group on behalf of Beyond Property Group.
Leading global real estate advisor Colliers agreed the £4 million deal for the block and the 0.8 acres of land to the west of the building on behalf of LPA Receivers and Interserve Group Limited as joint vendors. The ten-storey office block, built in the 1970s and located off junction one of the M5 Motorway leading into West Bromwich, has been vacant for nearly 18 months. It was previously occupied by Interserve.
Claremont and Beyond have already submitted an application to the local authority for a residential-led scheme at the site, which extends to approximately 75,000 sq ft over 1.95 acres with 320 car parking spaces.
Andy Robinson from Claremont said: ‘’This is a highly prominent site that we have had our eye on for some time and so we are thrilled to have now secured the property for Beyond. We’ve worked hard to put together and submit a scheme which will bring much needed housing to the area.’’
Co-founder of Birmingham based property developers Beyond Property Group, Deepak Kabra said: “Our purchase of Intersection House will be a great addition to our current portfolio. It’s a landmark site with great historic significance on M5 corridor and is a gateway to Birmingham and West Bromwich. We are currently developing the design with our team of consultants to create a unique mixed-use scheme on this prime location. We’re looking forward to unveiling our plans soon.”
Nick Hammond, Head of Advisory & Restructuring at Colliers said: “This building is instantly recognisable for those arriving into the West Midlands via the M5 and its impressive scale offers significant redevelopment opportunities for commercial and residential uses. It’s great that the site will now be redeveloped to suit the needs of the local community and I am excited to see how this progresses.”