Sterling Property Ventures has acquired Water’s Edge at Brindleyplace, Birmingham, a 62,000 sq ft canal-side restaurant and bar development, from British Airways Pensions Trustees. This acquisition is part of a larger £236 million portfolio deal involving seven commercial properties.

The Brindleyplace development comprises 12 units, all fully let to tenants including All Bar One, Wagamama, Cosy Club, and Slug and Lettuce. Located on a 1.18-acre site, the development has been under BA’s ownership since its inception in 1994.

James Howarth, Sterling’s managing director, commented, “Sterling now has three significant assets in Birmingham. The Water’s Edge enjoys a prominent location at Brindleyplace, opposite the International Convention Centre and close to the National Sea Life Centre and Utilita Arena. It is one of the best performing regional restaurant/bar schemes in the UK.”

Knight Frank and HP Four LLP represented Sterling in the deal, with Colliers conducting building surveys and MAPP providing property management advice. BlackRock, through its Real Estate business, managed the transaction on behalf of British Airways Pension Trustees, with joint agents ACRE Capital, Morgan Williams, and Capital Real Estate Partners overseeing the sale.

The broader portfolio acquired by Sterling includes two distribution units: the 330,894 sq ft Cubico unit at Calder Park in Wakefield and the 231,252 sq ft Super B unit at Interchange 26 in Bradford. It also includes two Grade A office buildings totalling 89,639 sq ft at Windsor Dials in Windsor, and the 144,906 sq ft Chapel Quarter development in Nottingham, which houses a 120-bed Premier Inn hotel, offices, and five retail and leisure units.

Additionally, the portfolio features the 449,079 sq ft Hempstead Valley retail and leisure scheme in Gillingham, three retail warehouses totalling 74,060 sq ft in Longwell Green, Bristol, and the 62,551 sq ft Water’s Edge food and beverage scheme at Brindleyplace in Birmingham. These properties, held under freehold or long leases, generate a combined income exceeding £18.5 million and will be managed within Sterling’s SPV Endeavour, with support from equity investor LetterOne.