Crosby Homes has sold 100 per cent of commercial space at its Watermarque scheme on Browning Street.
Sold for £740,000 by GBR Property Consultants acting on behalf of Crosby, the 4,100 sq ft unit, located on the ground floor of the new build apartment scheme, has been purchased by a private client of independent financial advisers, Robson Lister.
The prime canal-side unit was pre-let in July 2004 with a 25-year lease for a recently opened day spa called Body & Being. Crosby says it shows the rising demand for commercial space in the city living community.
"The sale of the unit at Watermarque complete with a 25-year lease, clearly demonstrates what an attractive proposition such integrated commercial elements are for both commercial landlords and tenants," said Simon Robinson of GBR Property Consultants.
"Businesses clearly thrive on being on the doorstep of so many residents and this can only be strengthened as the city living community continues to grow and becomes more established."
Linked by a bridge across the Birmingham canal, Watermarque and its sister scheme Liberty Place total more than 400 properties and form part of a prestigious new neighbourhood, established by Crosby's Symphony Court scheme in 1995.
Both schemes are now 100 per cent sold.
Angharad Lewis, development manager for Crosby Homes (Special Projects), said: "Watermarque and Liberty Place are extremely popular city living schemes.
"The benefits of being within walking distance of all the city has to offer is a magnet for residents whilst the 8,000 employees at nearby Brindleyplace hasn't gone unnoticed by commercial tenants.
"The investment for all nine commercial units at Liberty Place was swiftly sold last year and with ample potential for
further growth in the vicinity I believe purchasers here have made a very shrewd move."
Elsewhere in the city, demand for commercial units at Crosby's other city living schemes continues apace.
October 2004 saw all 20,000 sq ft of commercial space at Southside on Hurst Street, sold to Company Developments, part of Birmingham Properties Group, and valued at around £6.5 million.
"The sale of all the commercial units at Southside before the residential elements are even completed clearly demonstrates the rising demand for commercial space across Birmingham," added Ms Lewis.
"The advent of the new Bullring and its much publicised success is naturally driving more quality retailers into the city, keen to take advantage of the influx of new visitors and residents.
"Southside's combination of luxury apartments in a prime city centre location was key to the fast take up of its commercial units."