A landmark office block is being earmarked for redevelopment after being snapped up in a £4 million deal.
Intersection House, which is located off junction one of the M5 leading to West Bromwich, has been bought by Claremont Property Group on behalf of Beyond Property Group.
The 10-storey building was previously occupied by Interserve and has been vacant for nearly 18 months.
Now a planning application has been submitted 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 the 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.”
BusinessLive is your home for business news from across the West Midlands including Birmingham, the Black Country, Solihull, Coventry and Staffordshire.
Click through here to sign up for our daily email newsletter and also view the broad range of other bulletins we offer including weekly sector-specific updates.
We will also send out ‘Breaking News’ emails for any stories which must be seen right away.
For all the latest stories, views and polls, follow our BusinessLive West Midlands LinkedIn page here.
Global real estate advisor Colliers agreed the 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.
Nick Hammond, head of advisory and 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.”