The Cube, the landmark mixed-use development in Birmingham city centre, is to be put up for sale with a £60 million price tag, say reports from the city’s media.
Although there has been no official confirmation from London-based owners Tristran Capital Partners, Birmingham newspapers the Post and the Mail say they understand that CBRE has been appointed to find a buyer for the property.
Tristran paid administrator PwC £37 million for the 23-storey development in 2012. It has subsequently enjoyed a turn-around in fortunes with a number of new occupiers signed-up, and is now fully let.
The Cube provides 111, 000 sq ft of office accommodation and 64,000 sq ft of retail and leisure space. This includes a boutique hotel, restaurants, a skyline champagne bar and luxury spa facilities. The residential element is not included in the sale.
Among the leisure operators at The Cube are Marco Pierre White, Brazilian brand Rodizio Rico, Japanese restaurant Shogun Teppan-Yaki and chic French food and coffee house Madeleine.
The Cube was designed by Birmingham-born Ken Shuttleworth, of MAKE architects, and its ‘jewellery-box’ design is meant to reflect one of the traditional crafts of the city’s industrial past. Shuttleworth has been behind a number of iconic buildings including, during his time at Foster + Partners, London’s Gherkin.