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Home , Fordbridge, Midlands, Sandwell, West Bromwich, West Midlands (county), West Midlands Metro

Intersection House, 110-120 Road, West B70 6RP

Landmark M5 Corridor Investment & Development Opportunity

HOME INVESTMENT SUMMARY LOCATION CONNECTIVITY DESCRIPTION ACCOMMODATION, SITE & TENURE PLANNING CONSIDIRATIONS TERMS 1 Intersection House, 110-120 Birmingham Road, B70 6RP

Investment Summary

• Located on a gateway site at Junction 1 of the • Approximately 320 car parking spaces • Substantial redevelopment opportunity for commercial or residential uses (STP) • Prominent landmark building extending to ten storeys in total • 1.95 acres in total, including 1.15-acre main site with 0.8-acre undeveloped land • Offers in excess of £3,750,000 exclusive, reflecting a low capital value • Over 108,000 sq ft gross area, including 75,000 sq ft of internal of £35 per sq ft overall, Subject to Contract accommodation over eight floors above a 33,000 sq ft two-storey • Freehold car park

HOME INVESTMENT SUMMARY LOCATION CONNECTIVITY DESCRIPTION ACCOMMODATION, SITE & TENURE PLANNING CONSIDIRATIONS TERMS 2 Intersection House, 110-120 Birmingham Road, West Midlands B70 6RP

Birmingham: The UK’s second city and a leading European business destination : Globally recognised for manufacturing and engineering excellence : Home to multi-million-pound business, transport and retail developments : 9,000 dynamic businesses employing around 140,000 people

Solihull: A world-class destination for business, investment and exhibition : An established destination for regeneration and economic development : A young and vibrant city with £4.4bn of regeneration projects

Location

The West Midlands is a major area of the UK, The region has a fantastic vibrancy and is the region boasts the fastest growing economy of any representing one of nine regions of , a benefiting from major inward investment, city region in the UK, with population growth of half a and . including the , the million forecast in the next 20 years. £700 million mixed-use Paradise project, the £1.9 With a population of over 2.9m, it is the The region’s success is rooted in its core strengths billion Smithfield Regeneration, the West Midlands second largest county in the UK and is actively of advanced manufacturing and engineering, with Metro and HS2. represented by the West Midlands Combined several growing sectors including tech, creative and Authority, providing strategic direction life sciences playing a significant role in its economic Local Economy for transport, economic development and diversity. regeneration. The West Midlands economy is home to hundreds This strong long-term growth is supported by a of globally competitive businesses such as Jaguar The area also forms part of the Midlands Engine, robust Strategic Economic Plan and Local Industrial Land Rover and Cadbury and is a UK leader for a dynamic partnership combining public and Strategy, backed by an £8bn 30-year investment inward investment. private sector stakeholders to generate added programme, making the West Midlands the most value through important transport, enterprise, With total GVA of £105bn and the number of new exciting investment proposition in the UK. connectivity and trade projects. and active enterprises exceeding the UK average,

HOME INVESTMENT SUMMARY LOCATION CONNECTIVITY DESCRIPTION ACCOMMODATION, SITE & TENURE PLANNING CONSIDIRATIONS TERMS 3 Intersection House, 110-120 Birmingham Road, West Midlands B70 6RP

M6 J6 Birmingham (5 miles) A M M A A E Connectivity O

M M5 J1 A Intersection House is located on a gateway site at AM M Junction 1 of the M5 Motorway. M S S R R irmingam The property is situated on the A41 Expressway S (Birmingham Road), which links nearby West Bromwich with Wolverhampton, Birmingham A and . A A A Road C A A Birmingham is approximately 5 miles east via the M M A41 (or M6 and A38M), 120 miles south- A (1 mile) east via the M40, 87 miles south-west via the M5 and 80 miles north via the M6.

Road communications are therefore excellent as the property is located at the centre of the UK motorway .

Rail

National rail services are available from Birmingham New Street, Snow Hill and Moor Street. Together, these stations provide connections to all regions of the UK, with fast journey times of 1 hour 13 minutes to London Air (reducing to 49 minutes via HS2), 1 hour 27 minutes to Manchester, 1 hour 56 minutes to is approximately 20 miles Leeds, 1 hour 50 minutes to Cardiff and 3 hours 55 east via the M6 and M42 and offers international minutes to Glasgow. flights to destinations in Europe, the Middle East, the Indian subcontinent, North America and In addition, the links the Caribbean. the property to West Bromwich town centre, Wolverhampton and . With over 12.6m passengers in 2019, making The Metro line is currently being extended to it the seventh busiest airport in the UK, it is , due to be completed in 2021, with two an operating base for Jet2.com, Ryanair and new lines planned for service in 2022 and 2023-26. TUI Airways.

HOME INVESTMENT SUMMARY LOCATION CONNECTIVITY DESCRIPTION ACCOMMODATION, SITE & TENURE PLANNING CONSIDIRATIONS TERMS 4 Intersection House, 110-120 Birmingham Road, West Midlands B70 6RP

Description

Intersection House comprises a substantial, prominently positioned multi-storey building overlooking Junction 1 of the M5 Motorway, situated on a secure gated site.

Сonstructed in the 1970s and extensively refurbished in 1999, the building comprises a reinforced concrete frame with ribbon double glazed aluminium framed windows beneath a flat roof.

The building extends over ten storeys in total, comprising two storeys of under-croft parking and ground floor reception with eight above-ground storeys of commercial accommodation.

The building is currently configured as office accommodation of mainly open plan layout, taking advantage of its “T” shaped floorplates, with the following internal specification:

• 3,300 sq ft to 8,853 sq ft floorplates (NIA) • Suspended ceilings with recessed LG-compliant lighting • Carpeted floors • Air conditioning • Perimeter trunking • At least 3.3m floor to ceiling heights • 3 x 8-person passenger lifts

HOME INVESTMENT SUMMARY LOCATION CONNECTIVITY DESCRIPTION ACCOMMODATION, SITE & TENURE PLANNING CONSIDIRATIONS TERMS 5 Intersection House, 110-120 Birmingham Road, West Midlands B70 6RP

Typical Floor Plan

Accommodation, Site & Tenure

Accommodation Site

The property comprises the following approximate floor areas: The property is situated on an immediate site area of 1.15 acres (0.47 hectares), extending to 1.95 acres (0.79 hectares) in total Floor Net (Sq Ft) Gross (Sq Ft) including the adjacent land. The site is broadly level and regular in Ground to Eighth 65,279 75,347 shape with a tapered north-eastern boundary to Birmingham Road. Car Parking 33,368 Tenure Total 65,279 Sq M 108,715 Sq Ft The property is held Freehold with title absolute comprising three The site includes approximately 320 car parking spaces in total. titles in total.

HOME INVESTMENT SUMMARY LOCATION CONNECTIVITY DESCRIPTION ACCOMMODATION, SITE & TENURE PLANNING CONSIDIRATIONS TERMS 6 Intersection House, 110-120 Birmingham Road, West Midlands B70 6RP

Planning Considerations

The property occupies a gateway site adjacent the M5 The property has most recently been used as office utilising the presumption in favour of sustainable Motorway at the entrance to West Bromwich. accommodation (Class B1 of the Use Classes Order development or via Permitted Development Rights. 1987, now reflected by Class E), it is not located within a The vicinity comprises a variety of uses including Alternative Markets: Considering the excellent Conservation Area or Listed and is identified as having industrial, commercial and residential, together with connectivity and prominent location of the property, low risk of flooding by the Environment Agency. extensive local amenities. it may also be suitable for use as a hotel, serviced accommodation or a student residence, among other Alternative Uses Local Plan uses including in combination. Due to the results of the Sandwell Housing Delivery The Local Authority is Sandwell Metropolitan The proximity of the site to the M5 Motorway, Sandwell Test 2020, the NPPF presumption in favour of Council, whose Development Plan includes the Black College and General Hospital, the West Midlands Metro, sustainable development would be enacted for any Country Core Strategy (2011), Site Allocations and West Bromwich and Birmingham all contribute to its future development of the property and it is considered Delivery DPD and the West Bromwich Area Action Plan viability for a variety of alternative uses (STP). (2012). that it could be suitable for a variety of uses.

The West Bromwich AAP defines local land allocations Office: The current Local Plan identifies the property as and development management policies in line with a landmark building for high quality office uses at the the Core Strategy. The property is situated within Material Considerations gateway to West Bromwich and the M5 Motorway. The WBPr20 which covers a 7.9ha area intended for M5 Corridor office market has a diverse occupier base The Local Plan policies highlighted above are out of employment uses, with Intersection House identified with largely consistent take-up (5-year average of circa date according to the current National Planning Policy as a “significant landmark building on the motorway 215,000 sq ft per annum) and a gradually diminishing Framework, which places a presumption in favour of junction”. level of supply, especially above 10,000 sq ft. These sustainable development and states that planning dynamics have resulted in rental levels and lease Included in the AAP for delivery by 2026 is 220,000 permission should therefore be granted unless “any lengths increasing and this is expected to continue with sq m of office space, 65,000 sq m of retail, 4,800 sq adverse impacts of doing so would significantly and the growing popularity of city fringe and out of town m of convenience and up to 4,600 new homes, with demonstrably outweigh the benefits”. locations, with current headline rents in West Bromwich improved transport and public realm. The NPPF is also of significance where a Housing of circa £16 per sq ft reflecting scope for uplift relative Specific policies of relevance to the property include: Delivery Test demonstrates that delivery is significantly to other M5 Corridor locations. below (75%) a Local Authority’s stated requirements, • WBP5 Housing: with a density requirement of Residential: Due to current housing shortages in the which for Sandwell was 59% of the 3-year target in 45-60 dph area, there is a strong potential case for residential February 2020. The NPPF presumption in favour of development of the site. There are several examples • WBP15 Car Parking: whereby a flexible approach sustainable development is therefore a significant of office buildings being converted to residential may be taken for residential use material consideration in this case. accommodation in the immediate and wider vicinity, • WBP17 NPPF: whereby there will be a presumption A new Core Strategy is currently being produced resulting in extremely limited stock of this scale in favour of Sustainable Development subject to an evidence base and “call for sites”, with still available for development. The building would a Draft Plan expected to be available for consultation therefore lend itself to conversion to a relatively high- The AAP also states that “gateways to the town will in Summer 2021. It is therefore now an ideal time density scheme of apartments and starter homes to be defined by development that provides a high for representations to be made to the Local Authority assist with local housing needs. It is expected that degree of visual impact and interest” and identifies the regarding the future uses of the site. this could be achieved by formal planning application property as being within an “Opportunity Area”.

HOME INVESTMENT SUMMARY LOCATION CONNECTIVITY DESCRIPTION ACCOMMODATION, SITE & TENURE PLANNING CONSIDIRATIONS TERMS 7 Intersection House, 110-120 Birmingham Road, West Midlands B70 6RP

Terms

EPC

An EPC has been commissioned and will be made available to interested parties on request.

VAT

The property is elected for VAT.

Terms

Offers in excess of £3,750,000 exclusivefor the freehold interests with vacant possession, reflecting a low capital value of £35 per sq ft overall.

Leasehold enquiries will also be considered.

On behalf of the LPA Receiver, Subject to Contract.

Contacts

For further information, please visit the dataroom or contact:

Nick Hammond 0121 265 7587 07717 652 778 [email protected]

Peter Vass 0121 265 7593 07584 521 252 [email protected]

Misrepresentation Act

Colliers International gives notice that these particulars are set out as a general outline only for the guidance of intending Purchasers or Lessees and do not constitute any part of an offer or contract. Details are given without any responsibility and any intending Purchasers, Lessees or Third Party 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. No person in the employment of Colliers International has any authority to make any representation or warranty whatsoever in relation to this property. March 2021.

Colliers International is the licensed trading name of Colliers International Valuation UK LLP which is a limited liability partnership registered in England and with registered number OC385143. Our registered office is at 50 George Street, London W1U 7GA.

HOME INVESTMENT SUMMARY LOCATION CONNECTIVITY DESCRIPTION ACCOMMODATION, SITE & TENURE PLANNING CONSIDIRATIONS TERMS 8