Rackhams Birmingham Rackhams Birmingham “Quite Simply the Best Refurbishment Or Development Opportunity in the UK”
Total Page：16
File Type：pdf, Size：1020Kb
Rackhams Birmingham Rackhams Birmingham “Quite simply the best refurbishment or development opportunity in the UK” Contents OPPORTUNITY SUMMARY 04 BIRMINGHAM OVERVIEW 12 CONNECTIVITY 14 KEY OCCUPIERS 20 EXISTING BUILDING 22 TENANCY SCHEDULE 26 TENURE 28 PLANNING CONSENT 30 ALTERNATIVE SCHEMES 38 BIRMINGHAM SUPPLY 46 INVESTMENT MARKET 48 OCCUPATIONAL MARKET 50 COMPARISON TO THE REST OF THE UK 52 02 RACKHAMS / 43 TEMPLE ROW, BIRMINGHAM, B2 5JS RACKHAMS / 43 TEMPLE ROW, BIRMINGHAM, B2 5JS 03 Rackhams Opportunity Summary Birmingham R A unique opportunity to acquire the iconic Rackhams building and the adjoining 43 Temple Row situated in the heart of Birmingham city centre R Unquestionably the best refurbishment or development opportunity in the UK R A chance to reposition the site into one of the leading mixed use schemes in the UK R Unrivaled location situated only 3 minutes walk from New Street and Snowhill stations and 6 minutes walk from the new HS2 Curzon Street station R Full planning consent granted for a 643,326 sq ft mixed used scheme R A Certificate of Immunity preventing the building from being listed for 5 years is in the process of being issued R Residential Permitted Development approved for 43 Temple Row in July 2020 comprising 42 residential units R Prime 1.50 acre city centre site R Current accommodation totals 549,806 sq ft – Rackhams 518,464 sq ft GIA and 43 Temple Row 31,342 sq ft NIA R Ability to undertake the development in a number of phases R Excellently located to benefit from the new High Speed Rail (HS2) link to London with a journey time of 45 minutes Price £72,000,000 Existing Buildings £131 psf Detailed Planning Consent £112 psf Proposed Two Phase Scheme £98 psf 04 RACKHAMS / 43 TEMPLE ROW, BIRMINGHAM, B2 5JS RACKHAMS / 43 TEMPLE ROW, BIRMINGHAM, B2 5JS 05 Rackhams Rackhams Birmingham At the Centre of Everything Birmingham CATHEDRAL COLMORE BIRMINGHAM SQUARE BUSINESS DISTRICT SNOW HILL N WEST COAST MAINLINE BULL RING BIRMINGHAM PROPOSED HS2 BIRMINGHAM CENTRAL MARTINEAU RESIDENTIAL AND SHOPPING CENTRE MOOR STREET BIRMINGHAM NEW STREET RETAIL GALLERIES HIGHER & FURTHER EDUCATION CURZON STREET & GRAND CENTRAL DISTRICT QUARTER 06 RACKHAMS / 43 TEMPLE ROW, BIRMINGHAM, B2 5JS RACKHAMS / 43 TEMPLE ROW, BIRMINGHAM, B2 5JS 07 Rackhams Efficiently Connected Birmingham ICC / NIA N 10 MINS BIRMINGHAM NEW STREET & GRAND CENTRAL Rackhams Birmingham 4 MINS BIRMINGHAM SNOW HILL 3 MINS 5 MINS BIRMINGHAM MOOR STREET 6 MINS PROPOSED HS2 BIRMINGHAM CURZON STREET 10 MINS HIGHER & FURTHER EDUCATION QUARTER HUB 08 RACKHAMS / 43 TEMPLE ROW, BIRMINGHAM, B2 5JS RACKHAMS / 43 TEMPLE ROW, BIRMINGHAM, B2 5JS 09 Rackhams 103 55 THE ONE, TWO BULL RING BIRMINGHAM Birmingham PARADISE BRINDLEY COLMORE COLMORE BIRMINGHAM BT COLMORE & THREE SHOPPING CENTRE GRAND CENTRAL NEW STREET THE MAILBOX CIRCUS PLACE ROW ROW SNOW HILL TOWER BUILDING SNOWHILL N NEW STREET TEMPLE ROW ST PHILIPS PLACE COLMORE ROW CORPORATION STREET BIRMINGHAM PROPOSED HS2 NCP MARTINEAU NCP CATHEDRAL BIRMINGHAM THE MAGISTRATES BIRMINGHAM MOOR STREET BIRMINGHAM CURZON STREET CAR PARK GALLERIES CAR PARK SQUARE CROWN COURT COURT CHILDREN’S (1,073 SPACES) (720 SPACES) HOSPITAL 10 RACKHAMS / 43 TEMPLE ROW, BIRMINGHAM, B2 5JS RACKHAMS / 43 TEMPLE ROW, BIRMINGHAM, B2 5JS 11 Rackhams Birmingham Birmingham Home to 110,000 Hosting the 2022 The UK’s second A population of companies and TheThe UK’sUK’s toptop CommonwealthSet to host largest economy over 1 million, over 715,000 regionalregional citycity forfor Gamesthe 2022- the UK’s after London making it the employees, start-upstart-up creationcreation Commonwealthlargest sporting worth largest city the largest forfor thethe 5th5th eventGames since the £110 billion outside London concentration consecutiveconsecutive yearyear 2012 Olympics outside of London Home to Grand Central HS2 5 universities 6 Michelin Star 42 million and New 45 minutes and 82,000 restaurants tourists per year Street Station train journey to students redeveloped at a London cost of £750m Mayor Andy LET Street has a An estimated new vision for The northern £1.3bn has BirminghamOnly Averageterminal annual for Secondbeen invested largest Prime office including Prime office Total office 2 new office buildings Phasetake One up of UKin Birmingham’s office market rents rentsexceeding stock undera construction £15bn 722,000 sq ft stock HS2 railway outsideinfrastructure London £37.50£40 psf psf 16.50m sq ft investment project over the past 18m sq ft in metro & rail 5 years infrastructure 12 RACKHAMS / 43 TEMPLE ROW, BIRMINGHAM, B2 5JS RACKHAMS / 43 TEMPLE ROW, BIRMINGHAM, B2 5JS 13 Rackhams Connectivity Birmingham • 90% of the UK’s population accessible within 4 hour travel time HS2 - a new rail link to London • Network of motorways form an orbital By Road By Rail route around the city (M1, M5, M6, M40 • Journey time to London 45 mins and M42) Manchester 87 miles Birmingham Airport 11 mins Bristol 88 miles Bristol 1 hr 19 mins • In February 2020 the Government reaffirmed the decision to • Efficient rail links connect Birmingham London 118 miles Manchester 1 hr 27 mins construct HS2 to London in a journey time of approximately 90 minutes Leeds 119 miles London 1 hr 31 mins • Estimated cost of £106bn Edinburgh 292 miles Leeds 1 hr 57 mins • The West Midlands Metro tram Edinburgh 4 hrs 7 mins • New Curzon Street Station will be a 6 minute walk from system provides extensive inter- Rackhams city connectivity used by 7 million CGI of Curzon Street Station passengers per year M90 EDINBURGH AIRPORT GLASGOW Rackhams HS2 M8 Reduced journey Phase One EDINBURGH CURZON STREET M77 Birmingham LONDON STATION EUSTON time to London Planned just operational M74 completion – NEWCASTLE UPON TYNE 6 MINS 45 MINS 45minutes 2028 BELFAST M6 INTERNATIONAL AIRPORT A1(M) Darlington TOTAL JOURNEY TIME: 51 MINUTES LEEDS Hull Preston M62 DUBLIN AIRPORT LIVERPOOL MANCHESTER Local Connectivity LIVERPOOL AIRPORT M6 M1 EAST MIDLANDS AIRPORT Norwich Leicester BIRMINGHAM M6 BIRMINGHAM AIRPORT Cambridge M42 COVENTRY AIRPORT M1 M5 M40 • The West Midlands Metro carries 7 million passengers per STANSTED LUTON AIRPORT year - targeting 30 million passengers by 2028 AIRPORT M25 M4 Swindon Swansea M4 LONDON • Undergoing £1.3bn expansion to connect Wolverhampton - CARDIFF CITY AIRPORT BRISTOL HEATHROW AIRPORT M25 Birmingham - Solihull M3 M23 M26 GATWICK Folkestone AIRPORT • Creating 80 stops and over 20 transport interchanges SOUTHAMPTON M5 including Birmingham Airport, the NEC and HS2 Exeter • Rackhams benefits from a Metro stop on Corporation Street CGI of Curzon Street Station 14 RACKHAMS / 43 TEMPLE ROW, BIRMINGHAM, B2 5JS RACKHAMS / 43 TEMPLE ROW, BIRMINGHAM, B2 5JS 15 Rackhams International Connectivity Birmingham • Birmingham International Airport is the UK’s 3rd largest airport outside London • Flights serve multiple European cities as well as global destinations in the Far East and America • Passenger turnover set to increase to 18 million per annum by 2033 • £500 million allocated for investment to expand and modernise its infrastructure Direct flights to European Destinations Direct flights to a selection of Birmingham Airport Rest of the World Destinations has Destination Approximate Number of flight time flights per week Destination Approximate Number of 14 minutes 13 Aberdeen 1 hr 25 mins 18 flight time flights per week 26 million airlines operating from Amsterdam 1 hr 10 mins 74 Delhi 7 hr 55 mins 3 passengers in 2019 Barcelona 2 hr 05 mins 18 Doha 6 hr 40 mins 7 Rackhams Belfast 1 hr 62 Dubai 7 hr 14 143 Birmingham direct routes Brussels 1 hr 10 mins 22 New York 8 hr 05 mins 1 Copenhagen 1 hr 45 mins 11 Dublin 1 hr 66 Edinburgh 1 hr 15 mins 57 Frankfurt 1 hr 30 mins 28 Glasgow 1 hr 15 mins 56 Rackhams BIRMINGHAM Istanbul 3 hr 50 mins 14 Birmingham BIRMINGHAM BIRMINGHAM NEW STREET INTERNATIONAL AIRPORT Lyon 1 hr 40 mins 39 Madrid 2 hr 20 mins 8 Munich 1 hr 45 mins 19 Paris 1 hr 15 mins 39 3 MINS 9 MINS 2 MINS Prague 1 hr 55 mines 2 Rome 2 hr 35 mins 4 Vienna 2 hr 15 mins 10 TOTAL JOURNEY TIME: 14 MINUTES Warsaw 2 hr 20 mins 3 Zurich 1 hr 45 mins 12 16 RACKHAMS / 43 TEMPLE ROW, BIRMINGHAM, B2 5JS RACKHAMS / 43 TEMPLE ROW, BIRMINGHAM, B2 5JS 17 Rackhams Connectivity Birmingham M6 7 MINS LANCASTER B Y 4 A TOWARDS MANCHESTER CIRCUS 1 SW N 0 N AND NORTH WEST 0 E QUE T S J S D A ST PAUL’S HA M ER C SQUARE T LI ST E 00 S V A44 WA E W RY A S T S N T L T N 10 MINS E Q O S 1,2,3 W U LU OU E CA H SNOWHILL H E D IL L MD G E N ASTON ST A L THE COLMORE E EN T T S UNIVERSITY E Y Q BUILDING S W S BT TOWER H A . TR I A ST L W E L S Y ET GEORGE N COLMORE LANCASTER E B Y OTTE E SNOW HILL CIRCUS 4 A CIRCUS N U QUEENSWAY 1 SW RL N EW Q ONE COLMORE0 N A 0 E H SQUARE CH A ET QUE L E T S J L R S D A ST PAUL’S A M ST ST H ER TWO COLMORE C D S SQUARE T LI 3 SMINST R E E SQUARE 00 S L V A44 S R T WA E W S B RY EN HA D U N A L S T LS N N T T S T TC UN HEP E L M N J A RI E Q B E D 55 T ORO S 4 E W YQU U 13 R O 1,2,3 W 5 COLMORE LU EENSWAY 47 OU E CA G R A H E SNOWHILL H E ROW D IL L MD CATHEDRALG ONE E N ASTON ST OR A W L THE COLMORE E O S EN M SQUARE T R TEMPLE T UNIVERSITY L E Y Q S W O E .