Strategy
M7 Real Estate (the Asset Manager) has identified several asset management initiatives to drive the value of the scheme in the short to medium term. This will build upon The Mailbox’s long-dated secure income streams which are underpinned by globally recognised high-profile low-risk tenants.
It is the intention that over the next three to five years, The Mailbox will be repositioned as a “Live Work Play” building – providing significant office space and a complementary, ancillary retail and leisure offering.
Office Conversion
(Level 1)
Office Conversion
(Level 1)
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Approved scheme¹ to add c.50,000 sq ft of office space through repositioning of retail (above prime car parking area)
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Management agreement to be entered into with Spaces to capture robust Birmingham office market
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Targeted increase in NOI from approximately £1 per sq ft to approximately £21.75 per sq ft on converted space
¹ Approved planning application number: 2020/01623/PA
Retail Repositioning
(Level 2)
Retail Repositioning
(Level 2)
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More service-led complementary tenant mix to support office offering and anchor tenant Harvey Nichols
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Concentrate footfall to a single repositioned floor of retail
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Consolidate performing tenants, reduce gross to net leakage
Office Asset Management
Office Asset Management
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Engage with key office tenant at forthcoming review to discuss a potential lease renewal to capture reversionary potential
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Potential to let 8,765 sq ft of office space at market rental levels
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Relocate the on-site management team to free up their current 3,391 sq ft office space for market rent
Property Management Review
Property Management Review
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Comprehensive review of service charge budget to drive efficiencies
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Reallocate total service charge to reduce shortfall
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Review of marketing and PR budget
Leisure
Leisure
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Increase ‘Grab & Go’ and service-led retail options to complement the office offering
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Modernise the current restaurant line up
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Create a more destination led social dining precinct leveraging the canal side location