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British Steel Midland Service Centre Qualcast Road I Wolverhampton I Wv1 2Qp

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British Steel Midland Service Centre Qualcast Road I Wolverhampton I Wv1 2Qp BRITISH STEEL MIDLAND SERVICE CENTRE QUALCAST ROAD I WOLVERHAMPTON I WV1 2QP Freehold Industrial Investment with Development Potential BRITISH STEEL MIDLAND SERVICE CENTRE QUALCAST ROAD I WOLVERHAMPTON I WV1 2QP Freehold Industrial Investment with Development Potential INVESTMENT SUMMARY QUALCAST ROAD • The property comprises an industrial complex containing 8 buildings, extending to a total of 176,478 sq ft. ROYAL MAIL • Site area of 8.35 acres (3.38 hectares). • Let to British Steel Ltd for 15 years from 25/12/2018 at an initial rent of £573,665 per annum reflecting £3.25 per sq ft overall. • Additional security provided by £2m CANALSIDE QUARTER Rent Deposit deed. DEVELOPMENT • The lease contains a rolling Landlord only break option on 18 months’ notice. • High underlying residential site value with planning permission for 141 unit residential development anticipated. • Situated adjacent to the proposed Canalside Quarter residential district, a joint GRAND STATION venture between City of Wolverhampton Council and Canal & River Trust. • Potential to refurbish and reconfigure the existing industrial accommodation to provide a multi-let complex with an PREMIER INN A454 estimated Market rental Value of £530,000 HORSELEY FIELDS per annum reflecting £3.00 per sq ft. • We are instructed to seek offers in excess of £6,150,000 reflecting a Net Initial Yield of 8.75%, based on purchaser’s costs of 6.63%. A purchase at this level reflects WOLVERHAMPTON £736,527 per acre. RAIL STATION BRITISH STEEL MIDLAND SERVICE CENTRE QUALCAST ROAD I WOLVERHAMPTON I WV1 2QP Freehold Industrial Investment with Development Potential MOLINEUX CITY i10 MIXED USE WOLVERHAMPTON WOLVERHAMPTON CANALSIDE QUARTER BRITISH STEEL CAMPUS CENTRE SCHEME BUS STATION RAIL STATION DEVELOPMENT TO WALSALL A4150 A454 A454 LOWER HORSELEY FIELDS HORSELEY FIELDS TO BIRMINGHAM BRITISH STEEL MIDLAND SERVICE CENTRE QUALCAST ROAD I WOLVERHAMPTON I WV1 2QP Freehold Industrial Investment with Development Potential BURTON STAFFORD UPON TRENT LOCATION A518 A513 A515 NEWPORT Wolverhampton is the only city within network that runs between the City M6 A51 of Wolverhampton and Birmingham, A34 the highly urban and densely populated A38 Black Country metropolitan area and is providing a direct connection to the bus A460 an important focus for growth. 1.73 million and railway stations. people live within a thirty minute drive time, Wolverhampton holds key competitive CANNOCK which also covers affluent locations beyond A41 A449 LICHFIELD advantages, including immediate access TELFORD the city in Staffordshire and Shropshire. to a population of 3 million people, quick A34 M54 The number of people within the city’s travel times to Birmingham, Manchester and TAMWORTH A442 catchment is growing. Together with the London and more competitive commercial M6 A5 M6 A461 major improvements to the city’s strategic rents than anywhere else in the region. WOLVERHAMPTON TOLL transportation infrastructure, it will Some of the city centre’s key investments WALSALL become even more substantial. two successful new office buildings at A454 M42 A458 A34 The city benefits from excellent road the Interchange, with a third building in A4123 A38 A452 communications with easy access to the the pipeline, a £35m investment into BRIDGNORTH A449 M6, M5 and M54 motorways. Junction 10 retail enhancements at the Mander WEST M42 BROMWICH of the M6 is approximately 5 miles east Centre and £250m investment at M6 of Wolverhampton, Junctions 1 and 2 of Wolverhampton University. A458 A449 the M54 are approximately 5 miles and BIRMINGHAM Major out-of-town investments include A442 M6 4 miles north respectively. Birmingham STOURBRIDGE the i54 strategic employment site located Airport is approximately 20 miles south A45 to the north of the city centre is the UK’s A38 east of Wolverhampton and East M5 A34 most successful Enterprise Zone. It is home A41 Midlands Airport is approximately 40 miles A441 to Jaguar Land Rover alongside other A456 COVENTRY to the north east. major businesses. JLR’s £1bn investment KIDDERMINSTER A435 Wolverhampton has a mainline rail station in the company’s global engine plant at A448 PROJECTED TO GROW with frequent services to London Euston i54 is creating over 1,400 jobs and several M42 A46 via Birmingham New Street, Birmingham hundreds more in supply chain activities. A456 2-3% FASTER M40THAN THE NATIONAL AVERAGE International, and Coventry. The city centre is also home to the OVER THE NEXT 10 YEARS The City also has a direct metro link to successful Wolverhampton Wanderers A449 SECTOR SPECIALISTS IN Birmingham city centre and benefits from Football Club which plans to expand the a regular bus service. The first phase of Molineux stadium, increasing capacity AUTOMOTIVE the Midland Metro Wolverhampton city to 46,000 over the next 5 years. & AEROSPACE H INDUSTRIES centre extension opens during 2019. 5T JAGUAR LAND ROVER, This will link with the existing Metro MOOG AND UTC AEROSPACE BRITISH STEEL MIDLAND SERVICE CENTRE QUALCAST ROAD I WOLVERHAMPTON I WV1 2QP Freehold Industrial Investment with Development Potential SITUATION CANALSIDE QUARTER The site is situated adjacent to the proposed Canalside Qualcast Road is approximately 1 mile east of The Canalside Quarter is a 10 acre residential led development Quarter residential district, a joint venture between City Wolverhampton city centre, situated off of the A454 being brought forward by the Canal and River Trust (CRT) and of Wolverhampton Council and Canal & River Trust. Lower Horseley Fields A454, which acts as one the main the City of Wolverhampton Council (CWC). The scheme will incorporate city centre living and a arterial routes into Wolverhampton city centre from the M6 The area is set to provide both desirable city centre living and destination for visitors with shops, walkways, cycle paths Motorway to the east. a destination for visitors with shops, walkways, cycle paths and and leisure facilities. leisure facilities. The Canalside Quarter is expected to grow to in excess of 600 new homes as it establishes itself as a residential and leisure area for the city. There may be potential to work with A454 CRT and CWC to integrate and improve communications between the two sites. LOWER HORSELEY FIELDS CANALSIDE QUARTER DEVELOPMENT BRITISH STEEL QUALCAST ROAD BRITISH STEEL MIDLAND SERVICE CENTRE QUALCAST ROAD I WOLVERHAMPTON I WV1 2QP Freehold Industrial Investment with Development Potential DESCRIPTION SITE The property comprises an industrial complex containing The site extends to 3.38 hectares (8.35 acres). 8 buildings, extending to a total of 176,478 sq ft. The main warehouse comprises an operational steel works formed of multiple bays, with eaves height ranging between 5m and 9.5m and gantry cranes which range from 6 to 10 tonnes capacity. The building also incorporates single storey administration and welfare accommodation, as well as WC’s, offices and staff rooms. In addition to the main warehouse, there are a number of low rise outbuildings of varying ages and quality. Other buildings include a single storey block incorporating a canteen and changing facilities and a small medical building situated to the south western corner of the site. Neighbouring the medical building is a single storey brick built office block. Externally, there are two main concrete surfaced yards either side of the main warehouse which are linked via a tarmac surfaced service road. To the entrance of the site, there is a weighbridge adjacent to the gatehouse whilst access to the site is via a barrier system off Qualcast Road. ACCOMMODATION Description Sq m Sq ft Main Warehouse 25,185.52 163,455 Ancillary / Outbuildings 780.51 8,401 Office Block 429.40 4,622 Total 16,395.43 176,478 BRITISH STEEL MIDLAND SERVICE CENTRE QUALCAST ROAD I WOLVERHAMPTON I WV1 2QP Freehold Industrial Investment with Development Potential TENANCY RESIDENTIAL DEVELOPMENT The property is let in its entirety on a Full Repairing and Insuring lease limited by The vendor has submitted a planning application (No.18/01445/OUT) for the development of 141 residential a Schedule of Condition to British Steel Ltd for a term of 15 years from 25th December units. A favourable decision is expected. 2018. The initial rent is £573,665 per annum, reflecting £3.26 per sq ft overall. The City of Wolverhampton Council have reviewed affordable obligations of the proposed development under The lease contains a rolling landlord only break option, exercisable on 18 months Section 106 of the Town and Country Planning Act 1990, and concluded that the proposed development prior written notice. would not be required to conform to policy levels of Section 106 and affordable housing obligations which would be deferred for a period of 3 years from May 2019. The terms of the Section 106 agreement are The lease is subject to 5 yearly rent reviews to the higher of Open Market Rental currently under negotiation. Further information is available on the data room. The copyright of this drawing is vested with Corstorphine + Wright Ltd and must not be copied or reproduced without the consent of the company. Value or RPI with a collar at 1% and 4% per annum compounded. Figured dimensions only to be taken from this drawing. DO NOT SCALE. All contractors must visit the site and be responsible for checking all setting out dimensions and notifying the architect of any discrepancies prior to any manufacture or construction work. NORTH NOTES: Additional security is provided by a £2m rent deposit deed. Scale Bar 5 20 40 141 141 140 0 10
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