The 14.9-acre canal side campus was purchased from HSBC Alternative Investments, and is one of the city’s most popular business and leisure destinations.
Developed by Argent in the early 2000s, the campus is home to a number of office-led buildings, as well as ground floor leisure space, a retail arcade, an art gallery, an aquarium, a four-star hotel, and a multi-storey car park.
The site is currently 90% occupied, with food and beverage operators at the site including Pret a Manger and Zizzi complementing a range of blue chip and local tenants.
Under its previous ownership, Brindleyplace benefitted from significant investment, as well as the delivery of a new tram connection and the opening of the nearby Paradise development.
James Hewitt, chief operating officer at Praxis, said: “This is a hugely exciting acquisition for us. We are committed to ambitious net zero carbon targets for the assets we acquire, and the exceptional quality of the Brindleyplace scheme makes these buildings prime candidates for our retrofit strategy. Our intention now is to invest significant capital to decarbonise the buildings and deliver some of the best office and leisure space in the UK.”
Sebastien Wigdo, partner at Veld Capital, added: “We are pleased to have acquired such a landmark, income generating estate with strong existing ESG credentials and clear decarbonisation potential. This acquisition adds to our recently assembled portfolio of UK regional office properties with Praxis in what we believe is a once-in-a-cycle opportunity to invest and aggregate best-in-class properties, with strong fundamentals, at a very compelling entry basis. It also illustrates our pragmatic approach as a solutions-provider for sellers of high-quality assets in an uncertain economic climate.”
Gerald Eve advised the purchaser, whilst JLL and Acre Capital Real Estate advised the vendor.