PENNINE HOUSE 39-45 WELL STREET, , BD1 5NU

SUBSTANTIAL TOWN-CENTRE REFURBISHMENT/DEVELOPMENT OPPORTUNITY WITH BENEFIT OF VACANT POSSESSION OPPOSITE WESTFIELD DEVELOPMENT/REFURBISHMENT OPPORTUNITY

• The property has recently gained benefit of vacant possession.

• Strong change of use potential subject to necessary consents: of interest to retailers, department stores, hoteliers, developers (residential/PRS) and owner occupiers.

• Immediately opposite the entrance to the new £260m Westfield Broadway Shopping Centre.

• Strategic town-centre location, equidistant between Bradford station and station.

• Excellent communications: only 5.5 miles to M62 (Jct 26) and 15 miles to the M1 (Jct 42) and 30 minutes to . Leeds is 20 minutes by train.

• Comprising 72,696 sq ft (6,754 sq m) over lower ground, ground and five upper floors with 72 car parking spaces.

• Situated on a site of 0.73 acres (0.29 ha); a very low town-centre site coverage of only 56% - with development land in car park to the rear.

• Freehold.

• The property is located in an Assisted Area and investors may benefit from Business Premises Renovation Allowance (BPRA) subject to a government extension of the scheme.

• Offers in excess of £2,200,000 (Two Million Two Hundred Thousand Pounds) exclusive of VAT equating to a capital value of £30 per sq ft are invited for the freehold interest, subject to contract, with the benefit of vacant possession.

SUBSTANTIAL TOWN-CENTRE REFURBISHMENT/DEVELOPMENT OPPORTUNITY PENNINE HOUSE 39-45 WELL STREET, BRADFORD, BD1 5NU WITH BENEFIT OF VACANT POSSESSION OPPOSITE WESTFIELD LOCATION

Bradford is the centre of the prominence during the 19th century Metropolitan Borough of the of as an international centre of textile Bradford in West Yorkshire, 8 miles (13 manufacture, particularly wool. Since km) west of Leeds, 16 miles (26 km) this time, Bradford has emerged as a northwest of Wakefield, 16 miles (26 tourist destination, becoming the first km) south east of Harrogate and 29 UNESCO City of Film with attractions miles (47 km) north east of Manchester. such as the National Media Museum, Leeds Bradford Airport is 6 miles north Bradford City Park, the Alhambra theatre east of the city and a 30 minute drive. and .

Bradford has a population of 528,155, The economy of Bradford is worth and a student population of 17,000, around £8.3 billion, contributing around making it the fourth-most populous 8.4% of the region’s output, and making metropolitan district and the sixth- the district the third largest after Leeds most populous local authority district in and Sheffield in Yorkshire & Humber. England. The city is part of the Leeds- Bradford Larger Urban Zone (LUZ), Local occupiers include Morrisons, Pace which, with a population of 2.4 million Plc and Hallmark Cards. Three of the is the third largest after London and UK’s biggest financial institutions are Manchester. based in Bradford: Yorkshire Building Society, Bradford & Building Historically part of the West Riding Society and Provident Financial. of Yorkshire, Bradford rose to

BRADFORD IS THE CENTRE OF THE METROPOLITAN BOROUGH OF THE IN WEST YORKSHIRE

SUBSTANTIAL TOWN-CENTRE REFURBISHMENT/DEVELOPMENT OPPORTUNITY PENNINE HOUSE 39-45 WELL STREET, BRADFORD, BD1 5NU WITH BENEFIT OF VACANT POSSESSION OPPOSITE WESTFIELD THE NORTHERN THE POTENTIAL TO POWERHOUSE CAPITALISE ON GROWTH AND THE FUTURE The North West was awarded first place (outside London) IN THE REGION IS BEST in Oxford Economics’ regional economic health indicator for the UK regions, beating the South West (2nd) and CONCEPTUALISED the South East and West Midlands (joint 3rd). This was based on a blend of unemployment, house prices, and employment data, demonstrating sizeable falls BY THE NORTHERN in unemployment and rising earnings, indicating that the North West, is becoming a much more favourable POWERHOUSE CONCEPT proposition for investors.

Key infrastructure improvements in the area include Manchester City Airport increase from 25m to 50m passengers with other projects including the M56 link road, Stage 2 of HS2 and trans Pennine electrification.

The potential to capitalise on growth in the region is best PRESTON conceptualised by the Northern Powerhouse concept. The LEEDS HULL Conservatives’ well-known sentiment is that it is logical LIVERPOOL BRADFORD to assume that delivering greater connectivity – both MANCHESTER physical and conceptual - between northern cities will not only spread the benefits further afield but will also create an significant pull factor, providing global investors with more choice when it comes to directing capital to the UK. The most obvious city-region with the largest potential for reaching critical-economic mass is a trans-Pennine strip, stretching like a crescent across northern England, from LONDON Liverpool to Hull. This includes several well-known cities, many leading universities, two major ports and several international airports.

SUBSTANTIAL TOWN-CENTRE REFURBISHMENT/DEVELOPMENT OPPORTUNITY PENNINE HOUSE 39-45 WELL STREET, BRADFORD, BD1 5NU WITH BENEFIT OF VACANT POSSESSION OPPOSITE WESTFIELD SITUATION

The property is prominently located in the heart of Bradford’s commercial district, and stands immediately opposite one of the entrances to the brand-new, fully- let Broadway shopping and leisure complex, built by Westfield for £260m and D R BRADFORD FORSTER SQUARE L A launched in November 2015. N

A C D H C A E D RO A A D P EN S O ER I D R K The Broadway Bradford attracted 250,000 visitors in its first four days of trading. R E A S N B 8 H O 5 I T 6 P Key retailers who have opened in the 570,000 sq ft Broadway include Debenhams, A L U L

E O P

P Y B E Marks & Spencer, Boots, Superdry, Footasylum, schuh, Next, Topshop and River A R A P I A 6 R BRADFORD 5 D P R Island. The Broadway is predicted by iCube to increase catchment spend potential CATHEDRAL E K 0 A

C L K G C A E O TE H across Bradford by 78%, whilst boosting footfall across the city by 40% and the K V R N E U A T R O R B C H S S A T developers report it will create 2,500 permanent jobs. R T D S E E AT R G R T K U T IR C E T T K N S BROADWAY S A R E 618 T SHOPPING L 1 U D E & LEISURE E B A IV K COMPLEX P E R G R A A A T A H P E M C SU E NBR IDG E A R L 618 D EED 1 S R OAD

LE A64 EDS R 7 OAD

BRADFORD BRADFORD COMBINED CITY PARK PENNINE HOUSE COURT CENTRE

B MIRROR R POOL ID G E S T BRADFORD MAGISTRATES COURT

BRADFORD INTERCHANGE

IT IS EXPECTED THAT THE BROADWAY WILL PROPEL BRADFORD FROM 85TH TO 26TH IN THE NEXT CACI RETAIL RANKINGS TO BE PUBLISHED, AND MAKE BRADFORD THE THIRD LARGEST RETAIL DESTINATION IN YORKSHIRE

SUBSTANTIAL TOWN-CENTRE REFURBISHMENT/DEVELOPMENT OPPORTUNITY PENNINE HOUSE 39-45 WELL STREET, BRADFORD, BD1 5NU WITH BENEFIT OF VACANT POSSESSION OPPOSITE WESTFIELD

Centre Gallery Express Kirkgate Kirkgate Bradford Bradford Bradford Bradford Broadway Broadway Town Hall Town Holiday Inn Premier Inn Premier Interchange University of Forster Bradford Shopping Centre Shopping Centre Bradford Combined Court Square Rail Station Square

D A O R S D E L E

SUBSTANTIAL TOWN-CENTRE REFURBISHMENT/DEVELOPMENT0.31 OPPORTUNITY ACRE CAR PARK PENNINE HOUSE 39-45 WELL STREET, BRADFORD, BD1 5NU WITH BENEFIT OF VACANT POSSESSION OPPOSITE WESTFIELD DESCRIPTION

This attractive Grade II listed sandstone property was built in 1864 and is one of two large blocks of “wool warehouses” between Church Bank and Currer Street. The property is situated within the historic Little Germany conservation area.

The property has a net internal area of 72,696 sq ft (6,753 sq m), arranged over lower ground, ground and five upper floors surrounding an internal courtyard which can accommodate parking for 10 cars, with a further demised private car park of 0.31 acres behind the property providing an additional 62 spaces - offering an excellent town centre parking ratio 1:1009 sq ft.

The property offers generous winged floorplates of c. 11,000 sq ft, 3 lifts and a goods lift servicing all floors central heating & comfort cooling.

The property benefits from office use, except for a small element of retail at ground floor, and dual office and broadcasting use over part ground and basement.

THE PROPERTY IS SITUATED WITHIN THE HISTORIC LITTLE GERMANY CONSERVATION AREA LARGE INTERNAL COURTYARD WITH PARKING FOR 10 CARS

SUBSTANTIAL TOWN-CENTRE REFURBISHMENT/DEVELOPMENT OPPORTUNITY PENNINE HOUSE 39-45 WELL STREET, BRADFORD, BD1 5NU WITH BENEFIT OF VACANT POSSESSION OPPOSITE WESTFIELD ACCOMMODATION

We are advised that the property comprises the following NIA, measured in accordance with the RICS Code of Measuring Practice:

h hurc al C eter Cathedr St P Sq ft Sq m The of

W Lower Ground 6,380 593 D

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Ground Floor (including reception) 9,472 880 8 2

103.8m 4 First Floor 11,370 1,056

9 H BANK Second Floor 11,674 1,085 CHURC

7 Third Floor 11,375 1,057 2 T E E 3 R 9 T S R 4 RE Fourth Floor 11,833 1,099 1 R

CU 1 4 3

Fifth Floor 4,197 390 £260m BROADWAY 4

4

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5 Fifth Floor Storage (undeveloped attic) 6,395 594 6 SHOPPING CENTRE 2 Total 72,696 6,754

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es E S Car parking 72 spaces (62 rear car park + 10 internal courtyard) 4 T S t E 5 R re T 1 et E E T

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5 Tenants include: H&M, Debenhams, Next, 3 1

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9 0 2 TopShop, M&S, Sainsburys and Boots. 5

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SUBSTANTIAL TOWN-CENTRE REFURBISHMENT/DEVELOPMENT OPPORTUNITY PENNINE HOUSE 39-45 WELL STREET, BRADFORD, BD1 5NU WITH BENEFIT OF VACANT POSSESSION OPPOSITE WESTFIELD SUBSTANTIAL TOWN-CENTRE REFURBISHMENT/DEVELOPMENT OPPORTUNITY PENNINE HOUSE 39-45 WELL STREET, BRADFORD, BD1 5NU WITH BENEFIT OF VACANT POSSESSION OPPOSITE WESTFIELD ALTERNATIVE USES RESIDENTIAL OR STUDENT ACCOMMODATION HOTEL

A residential development at Pennine House would go some way to providing city Arranged around a courtyard, the property would lend itself extremely well to hotel centre housing for young professionals and families. Incorporating a new build use. In November 2015, Savills identified Bradford as a top-10 location for hotel scheme in the car park, indicative massing shows potential for c. 150 units which investors. Massing studies indicate that the property could provide a 120-bedroom may appeal to PRS developers. The University of Bradford is 63rd by CUG ranking, hotel with three complementary ground floor retail units. Further details of the with 17,000 students. Bradford has a significant young population with the third indicative scheme can be provided upon request. highest number of 0-15 year olds (124,650) in England. CAR PARK RETAIL Directly behind the property, there is onsite parking for approximately 62 cars, The property is ideally situated to create a complementary retail offering by offering a valuable undeveloped envelope of 0.31 acres (13,528 sq ft) which could providing accommodation for a large brand headquarters, department store or mall be incorporated into any scheme, subject to the necessary consents. for independent shops and concessions located opposite the entrance to the brand new Westfield Broadway shopping centre. The Broadway Bradford now boasts more than 70 restaurants, cafes and shops and the developers report it will create 2,500 permanent jobs and boost city-centre footfall by 40%.

OFFICE

Given its central location, adjacent to the Broadway Shopping Centre and proximity to major transport links, the property makes an ideal headquarters office. Equally, the property would be highly suitable for a multi-let or serviced office business.

SUBSTANTIAL TOWN-CENTRE REFURBISHMENT/DEVELOPMENT OPPORTUNITY PENNINE HOUSE 39-45 WELL STREET, BRADFORD, BD1 5NU WITH BENEFIT OF VACANT POSSESSION OPPOSITE WESTFIELD INDICATIVE SCHEME

Resi / Stu Resi / Stu 5

Hotel 4 4 Resi / Stu Hotel B Void A Hotel 3 12 15 Resi / Stu Hotel 3 13 14

2 ST New roof Hotel 16 D C ST Resi / Stu Hotel 2 9 to courtyard 11 ST Naew roof 10 Hotel 1 ST 17 Vicar to courtyard Lane ST Resi / Stu Hotel 1 Car Parking G 1 8 18 Well New hotel Car Parking E 7 Street Hotel G B 19 entrance Hotel ST 6 20 Existing Building New Building ST Existing stair to 5 21 F be demolished 2 A3 Unit Hotel B ST 22 J 3 4 SECTION DRAWING 23

The following provides for an G H I Void 28 27 26 25 24 Residential Access indicative hotel-led scheme of UPPER FLOOR VARIANT 1 120 keys with 5 retail units at ground and lower ground with a blend of further residential/ 11 12 13 14 15 16 17 18 19 10 student housing/ hotel A3 Unit 3 A3 Unit 2 Void 9 accommodation. Further details A are available upon request. 12 15 8 13 14 Cellar/ ST bar store 7 20 21 B ST 16 C ST ST 6 22 23 D 9 11 ST Covered Courtyard Luggage 10 New roof ST 17 - Hotel lobby/reception ST 5 24 25 to courtyard ST - Hotel bar & breakfast ST Hotel Entrance 4 26 27 1 8 18 3 28 29 E 7 2 30 31 19 Existing stair to A3 Units ST 1 32 33 6 20 be demolished Manager ST Undercroft Car Park Hotel Existing stair to 5 be demolished 2 21 Residential ST 3 4 22 Motor Cycles 34 35 36 Student G H I Accommodation 23 A3 Unit 1 F J Void 28 27 26 25 24

GROUND FLOOR Residential Access UPPER FLOOR VARIANT 2

SUBSTANTIAL TOWN-CENTRE REFURBISHMENT/DEVELOPMENT OPPORTUNITY PENNINE HOUSE 39-45 WELL STREET, BRADFORD, BD1 5NU WITH BENEFIT OF VACANT POSSESSION OPPOSITE WESTFIELD INVESTMENT RATIONALE FURTHER INFORMATION • Vacant possession. VAT EPC • Property is situated at the entrance to the brand-new £260m Broadway Shopping Centre developed by Westfield. The property is elected for VAT. The property has an EPC D 77 rating. • Due to its town centre location, at lease expiry, or early surrender, the property would suit conversion to a number of uses including hotel, student housing or residential subject to the necessary consents. • Glazing over the central atrium. PROPOSAL • Extremely low site town centre site coverage of 56%. Offers in excess of £2,200,000 (Two Million Two Hundred • Potential in development of the 0.31 acre car park. Thousand Pounds) exclusive of VAT equating to a capital value • No empty rates liability. of £30 per sq ft are invited for the freehold interest, subject to • The property is located in an Assisted Area and investors may benefit contract, with the benefit of vacant possession. from Business Premises Renovation Allowance (BPRA) subject to a government extension of the scheme.

CONTACT

BPRA Will Collis James Turner MRICS Rupert Mitchell MRICS [email protected] [email protected] [email protected] Business Premises Renovation Allowance (BPRA) was designed to encourage +44 (0) 7912 603 525 +44 (0) 7867 356 888 +44 (0) 7778 125 066 conversion and renovation of empty business properties in specified ‘assisted areas’. BPRA provided a 100% tax relief to property owners on the capital costs a company incurs in converting, renovating or repairing a qualifying building. The relief had been available to individuals and partnerships as well as companies. Whilst the scheme recently came to an end, it may be extended, and the property remains in a government assisted area where further grants may be available.

See HM Government website for more details. Nightingale Partners, 38 Berkeley Square, London W1J 5AE +44 (0) 207 3990 640 www.nightingalepartners.com

The Agents for themselves and for the vendors or lessors of this property whose agents they are give notice that: (i) the particulars are set out as a general outline only for the guidance of the intended purchasers or lessees and do not constitute, nor constitute part of, an offer or contract; (ii) all descriptions, dimensions, reference to condition and necessary permissions for use and occupation, and other details are given without responsibility and any intending purchasers or tenants should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the correctness of each of them; (iii) no person in the employment of the Agents has any authority to make or give any representations or warranty whatever in relation to this property. April 2017.

SUBSTANTIAL TOWN-CENTRE REFURBISHMENT/DEVELOPMENT OPPORTUNITY PENNINE HOUSE 39-45 WELL STREET, BRADFORD, BD1 5NU WITH BENEFIT OF VACANT POSSESSION OPPOSITE WESTFIELD