Chantrey Vellacott lands Five Ways receivership
Landmark Birmingham building placed into receivership
SPECIALISTS from Chantrey Vellacott have been appointed joint-receivers of Five Ways Tower, one of Birmingham’s tallest buildings.
Craig Povey, David Oprey and Richard Toone, corporate recovery specialists from Chantrey Vellacott, will seek a buyer for 23-storey office block, which has been vacant for around 15 years.
“The owners have faced mounting challenges maintaining the building over the last 15 years which has led to our appointment as receivers,” Oprey said.
“While Five Ways Tower has been empty for some time, the building stands in a sought after location in the prestigious business district around Five Ways and Hagley Road.
“The building has a car park for approximately 400 vehicles and with investment to bring the property up to standard it has great potential.”