Buyer sought for Cannock's landmark Orbital Plaza with offers of £5.75m invited
Cannock's landmark Orbital Plaza has been put up for sale for offers of more than £5.75 million, it was revealed today. A buyer is being sought for the 2.17 acre site, which is currently owned by The Pritchard Group.
Property adviser GVA has been appointed to find a buyer for the Plaza, which features the distinctive 13-storey Lion Point building and a 95-bedroom Ramada Hotel.
Charles Tippet, chief executive of The Pritchard Group, said it was the "right time" to sell Orbital Plaza. "The Pritch-ard Group created this landmark hotel and complex in 2006 and has successfully worked up the asset which is ach-ieving strong occupancy," he said. "We now feel that it is timely to sell the complex to a party keen to guide it through its next phase of asset management."
Orbital Plaza stands near the M6 Toll Road and is just three miles from junction 11 of the M6. As well as Lion Point, it has two other buildings, Watling Court and Bridge Court, which have a mixture of commercial space on the ground floor, and offices above.
James Williamson, director with GVA's hotels and leisure team, said: "This is an exciting opportunity to acquire an iconic multi-use asset in an exceedingly prominent location."
He said GVA expected a strong level of interest from property investors and hotel owners. Orbital Plaza also has 143 car parking spaces with extra space avai-lable across the road at 3 Bridge Street, which is included as part of the site.
Offers of more than £5.75m are invited but people wishing to submit proposals for part of Orbital Plaza should ring GVA. The Pritchard Group went into administration in April last year and its boss Fred Pritchard retired after 35 years at the helm.
