A new Starbucks drive-thru restaurant is being created on a main road into Birmingham.
Deeley Properties, in partnership with Ziran Land, acquired the site adjoining the Maypole Roundabout earlier this year from a private landowner. The companies identified a potential use for the land and have agreed terms with Starbucks on a 15 year lease to create a new restaurant.
Holt Commercial, chartered surveyors with offices in Birmingham and Coventry, concluded an investment sale for the completed property to Custodian REIT.
It is being built by Deeley Group’s contractor division, Deeley Construction, and it is anticipated it will be handed over to Starbucks in July. Pat Moroney, a Director of Deeley Properties, said “This is a development that shows the agility of the Deeley Group because we can bring several elements to the deal. We have been able to put together a package, in partnership with Ziran Land, which is attractive to Starbucks and, subsequently to an investor. The fact that Deeley Construction is now building the property shows another arm of the company and it is great to be part of a deal where all of the parties are satisfied with the conclusion.”
David Allen, a Director of Holt Commercial, said “This is a market that continues to expand and we are pleased to have secured a suitable long term investor for the completed restaurant. We anticipate there will be further deals in this market over the coming months and years as the market matures.”
Wade Commercial acted for Custodian REIT.
Pictured (left to right): David Allen (Holt Commercial), John Liggins (Ziran Land), Pat Moroney (Deeley Properties)