Mitchells & Butlers has sold 400 acres of
The troubled pub operator, in which Robert Tchenguiz has a stake of around 30%, sold its Quintus site in
M&B had owned the site, which has no consent status, since its founder William Bass bought it in the 1700s. It has been sold as part of the company’s ongoing strategic review. The pub chain is having to raise cash after making a £274m loss from hedging its aborted £4.5bn property joint venture with Tchenguiz’s R20.
Nurton wants to turn the site, which is opposite the Centrium 100 business park, into an “urban settlement”. It plans to get consent to develop as much as 150 acres as a mix of offices, residential and industrial buildings, a hotel, retirement villages and care homes.
Nurton hopes the site will be adopted within the local development framework in the next three to five years, after which it will submit a planning application. The group said it would “almost certainly” sell the 100 acres of residential land once consent was granted, but was likely to retain the commercial element.
Nurton was unrepresented; Birmingham-based Development Portfolio Management advised M&B.
