Dunlop Aircraft Tyres
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SALE & LEASEBACK DUNLOP AIRCRAFT TYRES 25 YEARS FORT PARKWAY, BIRMINGHAM WITH RPI UPLIFTS • Extensive site of approximately 10.75 collar and cap of 2.00% - 4.00% per Proposal Investment Summary acres annum compounded Offers are invited in excess of £15,275,000 • Substantial industrial complex located • Upon completion of the sale, DUNLOP • The tenant has been in occupation of which reflects anattractive NIY of 5.35%, in the prime industrial area known as AIRCRAFT TYRES LIMITED will enter in the site for approximately 100 years assuming purchaser’s costs of 7.73%. This Fort Dunlop, extending to 293,303 sq ft to a new 25 year lease without break and is one of only 4 businesses reflects a price of £52 per sq ft. (27,248.9 Sq M) worldwide who are authorised to • The passing rent will be £879,909 A purchase at this level will reflect a manufacture aircraft tyres by the CAA • Located in Erdington, Birmingham, per annum (equating to £3.00 per sq ft) minimum yield of 5.90% in 2023 given and equivalent global bodies the RPI collar provided (i.e. 2.00%), or a being close to Junction 5 of the M6 which will be reviewed on a 5-yearly yield of 7.01% in 2023 given the RPI cap Motorway basis in-line with RPI, subject to a • Freehold (i.e. 4.00% pa). 2 DUNLOP AIRCRAFT TYRES 40 Fort Parkway • Erdington • Birmingham • B24 9HL 1 JLR Castle Bromwich site 4 UK Mail 7 Amazon 10 Fort Shopping Park 13 Lamborghini & Bentley 16 Roman Originals 19 Fort Dunlop 2 Trinity Mirror 5 DHL/JLR 8 Iron Mountain 11 Toyota 14 JLR 17 Stadco 20 JLR Rail Head 3 Spitfire Park 6 Kuehne + Nagel 9 Hermes 12 Lexus 15 Paroh 18 Meggit 21 Fort Industrial Park A38 4 1 A38 3 6 2 8 7 21 9 A47 5 18 17 16 15 19 20 11 14 DUNLOP 12 AIRCAFT TYRES JUNCTION 5 > 13 10 M6 A47 < JUNCTION 6 3 DUNLOP AIRCRAFT TYRES 40 Fort Parkway • Erdington • Birmingham • B24 9HL MANCHESTER Tamworth LIVERPOOL SHEFFIELD NOTTINGHAM M6 M1 Location PETERBOROUGH Walsall WOLVERHAMPTON NORWICH Located in the centre of the United Kingdom with the largest regional population outside London, BIRMINGHAM CAMBRIDGE NORTHAMPTON M5 M40 M1 Birmingham is regarded as Britain’s second city. With an economy of £24.8 billion, it forms a Sutton M6 Toll M42 M11 Coldfield CHELTENHAM COLCHESTER M6 A1(M) substantial part of the broader West Midlands economy which generated a Gross Added Value OXFORD CHELMSFORD M25 (GVA) of £127 billion in 2016, larger than 11 of the 28 EU nations, sitting between Hungary and READING M4 LONDON A38 BRISTOL Greece. M25 M20 M3 PerryCRAWLEY A452 M5 Common Birmingham is in the heart of a world class multi-modal transport infrastructure, providing access M6 M5 DUNLOP AIRCRAFT to 90% of Britain’s economy which can be reached within a travel time of four hours. The subject West Erdington A34 TYRES Bromwich property is located within 5 miles of 11 separate motorway junctions. A40 A47 M6 M42 A38(M) A41 Coleshill Smethwick Birmingham Transport Links Snow Hill Stechford BIRMINGHAM Road Birmingham 2 Moor Street M6 A456 Birmingham New Street Birmingham City centre Coventry Northampton Manchester Liverpool London 5 miles 19 miles 50 miles 89 miles 100 miles 115 miles A45 Birmingham 10 min 24 min 48 min 1hr 26 min 1hr 33 min 1hr 48 min Sparkhill A435 Selly A41 Passenger Rail Oak King’s M42 A441 Birmingham New Street Birmingham International Heath A34 5 miles 9 miles 10 min 20 min Shirley Solihull Freight Rail Hams Hall DIRFT 5 miles 35 miles 12 min 33 min Air Birmingham Airport* Coventry East Midlands 9 miles 23 miles 31 miles 20 min 28 min 30 min * (13 million passengers in 2017) 4 DUNLOP AIRCRAFT TYRES 40 Fort Parkway • Erdington • Birmingham • B24 9HL Little Chalfont W O O D S I D E Tyburn R O A A Stockland 4 Erdington 5 D 2 Green Castle Situation Vale D D A A A 4 O The property is prominently situated on, and accessed directly from, 0 R O Gravelly 8 Y NGSBUR R 0 KI JAGUAR Hill 7 E LAND ROVER Fort Parkway in the most popular industrial zone within Birmingham, 2 D 1 D M6 A A 5 L O A R S N both in terms of employment and offering an established business R FORT U B Y DUNLOP T A network, with a superb pool of customers and suppliers. DUNLOP 4 5 Bromford AIRCRAFT 2 A38(M) TYRES 6 THE FORT Fort Parkway forms part of the A47 Heartlands Spine Road dual 7 M6 4 ROAD A SHOPPING N R U 45 YB A T PARK 5 carriageway which is one of the main road arteries, linking through to Junction 5 and Junction 6 of the M6 motorway (Spaghetti Junction), STAR CITY M6 the hub of the national motorway network. Birmingham City centre is A readily accessed via the A38(M) approximately 5 miles distant. Nechells 7 4 A4 0 8 0 To the west of the subject property is The Fort Shopping Park Castle Bromwich providing in excess of 300,000 sq ft of retail accommodation with Washwood Hodgehill Heath Birmingham occupiers including Boots, Next, Debenhams, H&M and Primark, City Centre amongst other household names. SAT NAV: LN6 9BJ To the east is the Jaguar Land Rover Castle Bromwich car assembly plant for all Jaguar saloon and sports cars. Over 3,000 workers currently work at the site which also benefits from a rail distribution hub. Tower Lane Industrial Estate Adjacent to Dunlop Aircraft Tyres is the award winning Urban Splash regeneration of Fort Dunlop. Providing 360,000 sq ft within a ‘vertical St George’s Industrial office park’ scheme, it includes a Travelodge hotel and amenities. Estate Prologis have developed approximately 700,000 sq ft of prime manufacturing and logistics accommodation in close proximity to the subject property. Further, there are a number of car dealerships nearby, including the Lamborghini, Toyota and Bentley garages which are directly to west of the subject property. The property’s prominence and extensive road frontage are also major attractions of the site. 5 DUNLOP AIRCRAFT TYRES 40 Fort Parkway • Erdington • Birmingham • B24 9HL occupier, Dunlop Aircraft Tyres. There are a number of tunnels located beneath Description the building which are no longer used and Over the years the occupier has added small The property comprises a substantial and originally provided access to neighbouring extensions and made alterations as necessary to industrial site which provides a warehouse buildings on the previous larger site. suit the business need. The occupier has a large and manufacturing unit together with a self- amount of on-site machinery which is used for A further pump house serving the building is contained office building. The original building production, retreading and testing of aircraft tryes located off-site but nearby, which is included was constructed during the 1910s and has been with a proportion of this having been in-situ for within the sale and leaseback. extended over time. The two-storey office block over 80 years. was constructed during the 1930s and this Access to the site is from the A47 Fort Parkway was extended in the 1950s with an additional The accommodation offered by the buildings is from which there is a gated entrance and interconnecting three-storey block. functional for the occupiers needs. Loading doors associated gate house. The majority of the car are provided around the site which comprise a parking provision is provided on the west of the The building is and has only ever been used mixture of level access and dock level loading site as well as further spaces situated around the for the production of aircraft tyres by the same doors. site perimeter. 6 DUNLOP AIRCRAFT TYRES 40 Fort Parkway • Erdington • Birmingham • B24 9HL L Col L Col L Col < U n i t 1 El Sub Sta L Col L Col N L Col L Col L Col 84.6m U n i t 2 L Col 2 3 Fort Dunlop P Paroh 84.5m Site Area 8 84.4m The site extends to approximately 4.35 ha (10.75 acres). Tank 84.4m 4 Chy Site coverage is approximately 57%. AY RKW T PA FOR 84.6m BROMFORD 84.3m 2 y d Bd War st & Con Accommodation Boro 5 37.7 CR MP 84.3m For Indicative Purposes Only SL Path FORT The property has been measured by Plowman Craven in PARKWAY SL 0m 50m 100m 150m accordance with the RICS Property Measurement (2nd Edition, 84.6m Ordnance Survey © Crown Copyright 2018. All rights reserved. Licence number 100022432. Plotted Scale - 1:2500 2018), which incorporates the RICS Code of Measuring Practice This plan is published for convenience of identification. Any site boundaries shown are indicative only and should be check against Title Deeds. (6th Edition) and the new International Property Measurement ES753998 Standards (IPMS) and provides the following accommodation on a Gross Internal Area basis: DESCRIPTION GIA (SQ FT) GIA (SQ M) Warehouse 244,916 22,753.5 Offices 48,387 4,495.4 TOTAL 293,303 27,248.9 The measured survey can be provided upon request and reliance on this can be extended to the purchaser. 7 DUNLOP AIRCRAFT TYRES 40 Fort Parkway • Erdington • Birmingham • B24 9HL Leaseback Covenant Information Upon completion of the sale, the property will be let to Dunlop Aircraft Tyres Limited for a term of 25 years without break. The passing rent will be £879,909 per annum, equating to £3.00 per sq ft overall.