The Birmingham Development Company has put The Mailbox and The Cube in Birmingham up for sale at £300m, circa 5.5% yield.

The site is home to the BBC, Telewest and Network Rail, 14 restaurants and bars and 144 apartments. The sale will include the 25-storey Cube and the final phase of the Mailbox, which is currently under construction. It should be completed by early 2010. It has been valued at £100m, while the asking price for the Mailbox is £200m.

Alan Chatham and Mark Billingham, co-owners and directors of Birmingham Development Company, said: “The sale of the scheme will allow us to focus on new projects both within Birmingham and elsewhere. First and foremost we will complete The Cube which will add a further 500,000 sq ft in addition to 1.5m sq ft of space at The Mailbox.”

The scheme’s trading figures have netted over £60m in 2005/6, and sales transaction value is well above the average. Currently it commands an income of approximately £10m per annum made up of 45% offices, 25% retail, 13% restaurants and 17% car parking with high growth expectations.

Philip Cropper of CBRE Real Estate Finance, who represents the vendors, said: “The sale of The Mailbox is of huge significance for the city, firmly cementing Birmingham’s position as a city of international worth. As a building of such high net worth, we have already begun tentative talks with a number of parties and expect a sale to be completed quickly.”