Louisa Ryland House
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Louisa Ryland House Prime refurbishment opportunity In The Heart Of Birmingham’s Central Business District Computer generated image Louisa Ryland House, 44-46 Newhall Street & 96-98 Edmund Street, Birmingham B3 3PL Louisa Ryland House 2 Computer generated image Investment Summary n A rare opportunity to acquire two prime interconnected buildings offering full vacant possession, located in Birmingham’s Central Business District. The two buildings are collectively known as Louisa Ryland House. n Birmingham is the UK’s second City and the economic and cultural capital of the Midlands region. Birmingham is at the heart of a powerful, fast growing City Region economy, which benefits from a GDP within the top 10 in Europe. n Louisa Ryland House is situated at the very heart of Birmingham’s prime office core, and occupies a prominent position fronting Newhall Street, Edmund Street and Cornwall Street, in close proximity to Colmore Row, Birmingham’s premier business address. n The existing property offers two distinct but interconnected buildings extending to a total of 80,459 sq ft of accommodation. The properties were substantially rebuilt and amalgamated onto a single integrated floor plate in 1985 behind a retained façade. The two distinct elements comprise; • 44-46 Newhall Street – Grade II listed elements – 56,424 sq ft (inclusive of 7,840 sq ft at basement level) arranged over 6 floors with principle frontage to Newhall Street • 96-98 Edmund Street – Grade II and Grade II* listed elements – 24,035 sq ft arranged over 6 floors with principle frontage to Edmund Street n Behind the retained façade the buildings benefit from a straightforward steel frame with insitu concrete floors, which can be easily adapted to suit a variety of uses. n Detailed planning consent was granted in 2016 for a comprehensive office refurbishment scheme, which lends itself to two separate blocks of accommodation. The new scheme provides reconfigured internal space and additional floors on top of the existing structure. The consented scheme delivers up to 81,280 sq ft of Grade A office accommodation, 57,211 sq ft in the 44-46 Newhall Street element and 24,069 sq ft in the 96-98 Edmund Street element. The new scheme converts basement space to a parking use. n In addition to the existing office consent, the property provides a unique opportunity to explore alternative use angles for all or distinct parts of the existing or refurbished / redeveloped property. These potential uses would include residential, serviced apartment, student and hotel, subject to planning. n Long leasehold from Birmingham City Council for a term of 150 years expiring 30 March 2165. The ground rent payable for a future commercial scheme is 1% of rent received, and for a future residential scheme is £300 per unit subject to 5 yearly RPI uplifts. Proposal We are instructed to seek offers for the long leasehold interest, subject to contract and exclusive of VAT. Consideration will be given to offers for all or distinct parts of the property (The Newhall Street Building and / or The Edmund Street Building). Subject to planning offers for all or part will also be considered. Computer generated image 3 4 Louisa Ryland House Birmingham: A global city Birmingham is the regional capital of the Midlands region and is firmly established as the UK’s second city. The City sits at the centre of the larger West Midlands conurbation with a population of circa 2.45 million (2015 estimate). As a result, Birmingham has one of the largest regional labour pools in the UK, with 4.3 million people of working age living within an hour’s drive of the city centre. Birmingham has a strong and well balanced economy and is 5 years. This is highlighted by HSBC’s decision to relocate a major engine of UK growth. It is one of the fastest growing the headquarters of its HSBC UK retail bank to Birmingham, cities in the United Kingdom and Europe. Birmingham has the moving 1,000 jobs from London into 210,000 sq ft at Arena 10th largest city economy in Europe producing £100 billion + Central. This continues the impressive inward investment GDP per annum (2015 estimate), ranking Birmingham ahead of trend set by HS2 and Deutsche Bank. Manchester (UK), Hamburg and Munich (Germany), Stockholm (Sweden) and Lyon (France). Birmingham is host to over The City produces around 25,000 graduates a year from its 75,000 companies, including 1,200 international businesses. three top class universities. There are a further 18 universities within an hour’s drive, producing 112,000 graduates per year, Birmingham’s business and financial services sector is the 60,000 of which are Business, Technical or Science students. second largest in the UK and employs over 130,000 + people within the city and 350,000 in the wider region, and Birmingham is one of the leading cities for events in Europe. is expected to grow by over 30% by 2025. The city is a key With facilities such as the National Exhibition Centre and the target for inward investment, and has seen more successful International Convention Centre, the city accounts for around inward relocations than any other regional centre in the last 40% of the UK’s conference and exhibition trade each year. Birmingham is... n The largest regional economy in the UK outside of London n A dynamic economic powerhouse with the largest financial and professional services sector outside London; the fastest growing sector in the city, already employing 130,000+ people n Host to over 75,000 companies, including 1,200 international businesses n Home to major employers investing in the city, including HSBC, HS2, Deutsche Bank, Jaguar LandRover and Kraft n The youngest major city in Europe, with under 25s accounting for nearly 40% of population n One of the UK’s top university city’s, producing nearly 25,000 graduates a year from its three top class universities, with a further 112,000 graduates from 18 leading universities within one hour drive n A city on the move – Birmingham’s Big City Plan is a master plan for the next 20 years of development in the city and is the biggest of its kind in Europe n A key target for inward investment and infrastructure projects, subject to more infrastructure investment than any other European city n The future centre of the UK’s high speed rail network, consolidating Birmingham’s position at the heart of the UK’s infrastructure platform 5 Louisa Ryland House Inward investment Birmingham has recently been named the UK’s most investable city and the sixth best in Europe*. New Street Station New Street Station is the busiest interchange station in the UK and Birmingham’s principal station. The £650 million redevelopment project has recently completed, transforming the station and raising capacity up to 140,000 passengers daily. A new central atrium connects the station to the recently opened Grand Central Shopping Centre above, which provides over 50 new retail and leisure outlets anchored by a 250,000 sq ft John Lewis. Midland Metro The £127 million extension to Line 1 of Midland Metro is now complete and extends the tram network between Snow Hill Station and New Street Station. Further extensions to the Midland Metro system are funded and in the preparation phase. These include a further extension to Line 1 through Paradise, Brindleyplace and to Edgbaston beyond; and the construction of Line 2 serving the new HS2 station at Birmingham Curzon, Digbeth and Birmingham Airport. Midland Metro serves Snow Hill Railway Station, which is a 5 minute walk from Louisa Ryland House, offering multi modal transport connections. Birmingham Airport Birmingham is served by Birmingham Airport, 13km (8 miles) to the east of the City Centre via the M6 motorway. Birmingham Airport underwent a £65 million runway extension and terminal expansion during 2014 and 2015, creating the potential for a truly international airport gateway at the heart of the UK. The works will enable Birmingham Airport to double its capacity and directly compete with London Heathrow and Manchester Airport for international long haul flights to China, India and the West Coast of America. The airport has been further enhanced by the recent opening of the ‘Sky Deck’ which provides facilities for operating the A380 airline, which is now used by Emirates services. High Speed 2 Phase 1 of HS2 will connect London and Birmingham by 2026, with a dedicated new city centre terminus at Birmingham Curzon Street. Phase 2 of the project will connect Birmingham with Manchester and Leeds, placing the City at the heart of the new national high speed network. The forecast journey time from London to Birmingham will reduce to 48 minutes. A new HS2 station will also be located at Birmingham Airport, allowing passengers to reach the terminal from London in just 44 minutes. Snow Hill Masterplan A £600m master plan has been launched to transform the Snow Hill area of the city over a 20 year period, creating 10,000 jobs and boosting the city’s economy by £600m a year. This area is in close proximity to Louisa Ryland House. The vision is to redevelop the existing Snow Hill Railway Station, in association with major public realm and highway improvements, new cycle routes and enhanced linkages across railway lines with an extension of Edmund Street. *Source: Urban Land Institute and PwC (2015) 6 7 Map Key To Manchester & North West Motorways Railway Lines Train Stations Stoke-on-Trent M6 Oswestry Burton-upon-Trent Stafford STAFFORDSHIRE Shrewsbury Lichfield M54 To Leeds Telford M6 TOLL M42 & North East Walsall Wolverhampton M69 BIRMINGHAM SHROPSHIRE AIRPORT M1 Stourbridge BIRMINGHAM M6 M5 Ludlow Solihull Coventry M42 COVENTRY AIRPORT Rugby Redditch WORCESTERSHIRE Warwick M5 Worcester M40 Stratford-upon-Avon HEREFORDSHIRE To London WARWICKSHIRE & South East Hereford M50 To Bristol Ross-on-Wye To Oxford, & South West London & South 8 Louisa Ryland Connectivity House Birmingham is located at the very heart of the United Kingdom, and benefits from a world class, multimodal integrated transport infrastructure, providing exceptional local, national and international connections.