Top 50 Indie Euro Garages has bought a pub in Birmingham in a deal brokered by specialist business property adviser Christie & Co.
Euro Garages plans to redevelop The Armada, on Powick Road, into a mixed use site encompassing a forecourt and separate retail unit to be occupied by a multinational brand.
Josh Sullivan, business agent in Christie & Co’s Birmingham office commented: “Throughout the marketing process we experienced strong demand for the site from a wide range of buyers due to its commanding position opposite the Spaghetti Junction.
“Following a very successful campaign we managed to secure a bid in excess of the asking price with Euro Garages. We believe that this acquisition will positively impact the local area, creating jobs and providing extra services for the local community.
“We knew the site would be ideal for a number of individuals due to its scope for development. There is currently a lack of quality stock in and around Birmingham with the local market being so saturated, and we’re now seeing developers and operators competing against each other for the same opportunities in and around the city centre which is causing prices to inflate.
“This displays our ongoing relationship with Euro Garages as we aim to continue to identify further sites to fit with their expansion plans.”
The Armada was sold off a freehold asking price of £595,995.