Long Let Prime Pfs Investment with Substantial Value Add Options
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LONG LET PRIME PFS INVESTMENT WITH SUBSTANTIAL VALUE ADD OPTIONS WESTSIDE HOUSE 123 BATH ROW EDGBASTON BIRMINGHAM B15 1LS 01 LONG LET PRIME PFS INVESTMENT WITH SUBSTANTIAL VALUE ADD OPTIONS WESTSIDE HOUSE, 123 BATH ROW, EDGBASTON, BIRMINGHAM, B15 1LS Toybox Student Development INVESTMENT SUMMARY INVESTMENT SUMMARY LOCATION SITUATION • Birmingham is the economic and • We understand the property sells DESCRIPTION cultural powerhouse of the Midlands between 8.5 to 9.5 million litres of fuel region, firmly established as the UK’s per year and £1 million of shop sales. CONNECTIVITY second city • Potential to regear the Shell lease to CITY OF BIRMINGHAM • Located in the heart of Fiveways, expand the convenience offering for ACCOMMODATION Edgbaston the entire ground floor (Shell have TENURE • The property comprises a modern a partnership with Waitrose to offer SITE AREA petrol filling station, 3 storey office forecourt convenience shopping), FLOORPLANS with telecoms mast totalling circa resulting in a further significant rental uplift TENANCY 14,622 sq ft (1,358.43 sqm) • Vacant office accommodation TENANT COVENANT • Strong location fronting a main arterial route comprising 8,295 sq ft, provides UK PFS MARKET excellent scope for significant value PFS INVESTMENT • Let to the exceptional 5A1 covenants add once the space is refurbished COMPARABLES of Shell UK Limited / Hutchison 3G UK and relet to boost the total income. Limited / Arqiva Limited with further WHOLESCALE Scope for residential or student REDEVELOPMENT options to asset manage vacant conversion STP. accommodation ASSET MANAGEMENT • Site area of 0.53 acres (0.216 hectares) OPPORTUNITIES • Majority of the income has 16 years unexpired to Europe’s • Freehold VAT most valuable company Shell • Strong alternative use options for long EPC • Total passing rent of £131,125 per term wholescale redevelopment of the ANTI-MONEY annum, with PFS OMV rent review due site to Student or Residential uses LAUNDERING POLICY next year & uncapped RPI review on with surrounding schemes of up to 14 PROPOSAL the telecoms mast storeys (for example the 300 unit Toy CONTACT Box Student Accommodation opposite • Reversionary in excess of £153,000 on Bishopsgate Street) in 2020 We are instructed to seek offers in excess of £2,800,000 (Two Million Eight Hundred Thousand Pounds), subject to contract and exclusive of VAT. 02 LONG LET PRIME PFS INVESTMENT WITH SUBSTANTIAL VALUE ADD OPTIONS WESTSIDE HOUSE, 123 BATH ROW, EDGBASTON, BIRMINGHAM, B15 1LS Stafford Burton A46 upon Trent Loughborough M5 A38 Melton INVESTMENT SUMMARY LOCATION A41 M1 Mowbray LOCATION Telford M54 M6 TOLL Tamworth SITUATION Birmingham is the economic and cultural powerhouse of the Midlands Leicester M42 A444 Wolverhampton DESCRIPTION region, firmly established as the UK’s second city. With a population of M69 A458 A6 circa 1.101 million (2017 estimate) it is the largest regional centre in A449 CONNECTIVITY M6 Nuneaton the UK in both population and economic terms. Birmingham sits at the A5 CITY OF BIRMINGHAM SUBJECT Corby centre of the larger Greater Birmingham conurbation with a population PROPERTY M6 ACCOMMODATION BIRMINGHAM of circa 2.45 million (2017 estimate). As a result, Birmingham has the Solihull Coventry A14 Kettering Kidderminster TENURE largest regional labour pool in the UK, with 4.3 million people of M42 Rugby SITE AREA working age living within an hour’s drive of the city centre. A456 A46 M45 Redditch FLOORPLANS Birmingham has a strong and well balanced economy and is a major A435 Northampton TENANCY engine of UK growth. It is one of the fastest growing cities in the United M40 Worcester TENANT COVENANT Kingdom and Europe. M1 UK PFS MARKET A429 The city’s business and financial services sector is the second largest M5 Hereford PFS INVESTMENT in the UK, employing over 130,000 people within the city and 350,000 in Banbury COMPARABLES the wider region. The city is a key target for inward investment, and has WHOLESCALE seen more successful inward corporate relocations than any other Edgbaston Cricket Ground University of Birmingham, Edgbaston Campus REDEVELOPMENT regional centre in the last five years. ASSET MANAGEMENT OPPORTUNITIES Birmingham has a student population of over 75,000 from its three top class universities. In addition to Birmingham’s excellent business VAT credentials, the city has a fast growing leisure and tourism sector. EPC ANTI-MONEY Edgbaston is an affluent suburban area of central Birmingham, curved LAUNDERING POLICY around the south west of the city centre. In the 19th century, the area PROPOSAL was under the control of the Gough-Calthorpe family and the Gillott family who refused to allow factories or warehouses to be built in CONTACT Edgbaston, making it attractive for the wealthier residents of the city. Thus it was known as “where the trees begin”. Edgbaston is home to Edgbaston Cricket Ground, a Test match venue, the University of Birmingham, established as the Medical School in 1825, eight out of the nine independent schools within the city are located here. Selfridges @ Bullring 03 LONG LET PRIME PFS INVESTMENT WITH SUBSTANTIAL VALUE ADD OPTIONS WESTSIDE HOUSE, 123 BATH ROW, EDGBASTON, BIRMINGHAM, B15 1LS 1 Bullring & Grand Central 2 New Street Station A4540 A4400 INVESTMENT SUMMARY SITUATION MOOR 3 Mailbox BROAD ST STREET 4 Brindley Place LOCATION 5 Birmingham City University Campus SITUATION The property is located on the south west edge 6 Botanic Gardens 2 1 7 O2 Academy of Birmingham City Centre just to the north of the 4 NEW DESCRIPTION 11 STREET 8 Hippodrome A4540. Broad Street, Brindleyplace and the LADYWOOD 9 Premier Inn CONNECTIVITY MIDDLEWAY Canalside area lie a short distance to the north 13 14 10 Hampton Hotel CITY OF BIRMINGHAM 3 11 Novotel and the affluent district of Edgbaston lies to the 9 12 12 Travelodge ACCOMMODATION south. Fiveways railway station is a short distance 13 Jurys Inn 10 TENURE to the south and the Fiveways Roundabout is in GRANVILLE ST 14 Premier Inn 22 23 18 8 15 Park Regis Hotel SITE AREA close proximity to the west. Bath Row is a busy 17 16 The Toybox Student Accommodation 15 19 7 FLOORPLANS cut through linking Islington Row Middleway with 16 17 Liberty Living Student Accommodation 21 BATH ROW 18 iQ Student Accommodation TENANCY the A38 Bristol Street 0.75 miles to the east. A456 20 19 Bath Court Student Accommodation TENANT COVENANT Significant new and completed developments BISHOPGATE ST 20 Broadway Plaza FIVE WAYS 21 Fiveways Leisure UK PFS MARKET have taken place in the vicinity to provide student HAGLEY RD A38 PFS INVESTMENT housing, hotel, leisure and residential COMPARABLES accommodation. A4540 BRISTOL ST WHOLESCALE 1 Bullring 15 Park Regis Hotel 5 REDEVELOPMENT 2 New Street Station 16 The Toybox Student ASSET MANAGEMENT & Grand Central Accommodation 6 OPPORTUNITIES 3 Mailbox 17 The Pavilion VAT 4 Brindley Place Student SUBJECT Accommodation PROPERTY EPC 5 Birmingham City 18 Arden Gate University Campus Grand Central Brindley Place ANTI-MONEY Residential 6 Botanic Gardens LAUNDERING POLICY Development 7 O2 Academy PROPOSAL 19 Liberty Living CONTACT 8 Hippodrome Student 9 Premier Inn Accommodation 10 Hampton Hotel 20 iQ Student 11 Novotel Accommodation 12 Travelodge 21 Uliving Student Accommodation 13 Jurys Inn 22 Broadway Plaza 14 Premier Inn 23 Fiveways Leisure 04 LONG LET PRIME PFS INVESTMENT WITH SUBSTANTIAL VALUE ADD OPTIONS WESTSIDE HOUSE, 123 BATH ROW, EDGBASTON, BIRMINGHAM, B15 1LS INVESTMENT SUMMARY DESCRIPTION LOCATION SITUATION The premises consists of a 3 storey office DESCRIPTION building with an operational petrol filling station forecourt to the Bath Row frontage and CONNECTIVITY a former workshop building to the rear, which CITY OF BIRMINGHAM is currently used for secure car parking. ACCOMMODATION The Shell branded forecourt has 4 pumps in a TENURE four square formation beneath a rectangular SITE AREA canopy, with a convenience store at the rear FLOORPLANS occupying part of the ground floor of the TENANCY building, along with a storeroom and enclosed TENANT COVENANT jet wash bay. Shell have recently installed an electric supercharging station. UK PFS MARKET PFS INVESTMENT The remainder of the ground floor COMPARABLES accommodation includes entrance lobbies at WHOLESCALE either end of the building providing access REDEVELOPMENT to the upper floors and a rear car park area ASSET MANAGEMENT housed within a former workshop building with OPPORTUNITIES forecourt access from the Bath Row frontage VAT and a secure entrance via a tunnel from Bishopsgate Street. EPC ANTI-MONEY The two upper floors provide extensive open LAUNDERING POLICY Vacant First Floor plan former office accommodation which is PROPOSAL in need of full refurbishment following the previous occupation by a gym operator. The CONTACT space has been substantially stripped out and would suit a range of uses, subject to planning. Immediately adjoining the building on Bishopsgate Street is a further office building owned by a charity who have rights to park 4 vehicles at the subject property. 05 LONG LET PRIME PFS INVESTMENT WITH SUBSTANTIAL VALUE ADD OPTIONS WESTSIDE HOUSE, 123 BATH ROW, EDGBASTON, BIRMINGHAM, B15 1LS INVESTMENT SUMMARY CONNECTIVITY CITY OF BIRMINGHAM LOCATION SITUATION ROAD HS2 DESCRIPTION A DYNAMIC ECONOMY WITH THE LARGEST FINANCIAL Birmingham’s central location provides HS2 is the UK’s most significant & PROFESSIONAL SECTOR OUTSIDE LONDON CONNECTIVITY unrivalled connectivity to the national infrastructure project at a total cost CITY OF BIRMINGHAM motorway network with the M5, M6 and of circa £56 billion. Scheduled to be BIRMINGHAM THE CITY IS A ACCOMMODATION M42 motorways forming an orbital operational by 2026, Phase I of the high COMMONWEALTH LEADING EUROPEAN GAMES HOST TENURE boundary to the City. Each of the major speed rail link will see London connected 2022 EVENTS DESTINATION £121 motorways surrounding the City can be to Birmingham City Centre’s new Curzon SITE AREA WORLD CLASS BILLION FLOORPLANS accessed via the Aston Expressway Street Station with a fastest journey time HOME TO 75,000+ UNIVERSITIES GDP CITY A38(M), the City’s main arterial route.