Sapphire Court Streetsbrook Road I Solihull I B91 1Qt
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SAPPHIRE COURT STREETSBROOK ROAD I SOLIHULL I B91 1QT A PRIME ASSET MANAGEMENT & REPOSITIONING OPPORTUNITY SAPPHIRE COURT I STREETSBROOK ROAD I SOLIHULL I B91 1QT SOLIHULL TOWN CENTRE 1 3 7 INVESTMENT 2 6 10 CONSIDERATIONS 8 4 The investment comprises a rare 11 opportunity to acquire a prime 3.93 acre 9 5 12 site in Solihull town centre, with numerous 13 opportunities to improve the existing asset through repositioning or redevelopment • Situated immediately adjacent to Solihull rail station and a short walk from the town centre retail and leisure facilities. • Sapphire Court is currently an office development comprising six interlinking blocks totalling 88,375 sq ft (8,286 sq m) NIA. STREETSBROOK ROAD 14 • The investment is significantly underpinned by office redevelopment or alternative use values including residential or senior living (subject to planning) and hotel uses. • Freehold. • Sapphire East (Blocks A, B and C) is let to the 16 15 1 Environment Agency (49%), The First Secretary of State House of Fraser (40%) and a vacant suite (11%). The AWULT is 9.06 2 Marks & Spencer years to expiry and 4.74 years to break. 3 Mell Square Shopping Centre • Sapphire West (Blocks D, E and F) is vacant and has been delisted so as not to attract vacant rates. 4 John Lewis 5 Premier Inn 6 Touchwood Shopping Centre • Solihull is regularly named one of the UK’s best places to work, live and shop. At the end of 2013, based on their 7 Council Oces Quality of Life index, uSwitch named it the Best Place to 8 Live in the UK. Solihull Police Station 9 SAPPHIRE COURT • Prime office rents in the Solihull area currently stand Proposed Waitrose at £23.75 per sq ft, as witnessed at Interserve House. 10 Paragon This is a significant discount to Grade A rents in Central Birmingham which are currently in excess of £30.00 11 National Grid per sq ft. 12 Xoserve/National Grid • Prime residential sales values in central Solihull for 13 apartments are now over £375 per sq ft. npower 14 Solihull Station 15 Decked Station Car Park • Offers sought, on an unconditional basis, in excess of 16 £10,000,000 (Ten Million Pounds), subject to contract Solihull Fire Station and exclusive of VAT. • A purchase at this level equates to an overall low capital value of £113 per sq ft (based on Net Internal Areas). 02 03 SAPPHIRE COURT I STREETSBROOK ROAD I SOLIHULL I B91 1QT ASSET MANAGEMENT & DEVELOPMENT INITIATIVES The investment is significantly underpinned by office redevelopment or alternative use values including residential, senior living and hotel uses • There are numerous opportunities to substantially increase the current value of the property and potentially deliver a statement development in a prosperous town centre. • The current income provided by government strength tenants in Sapphire East for a minimum of 4.74 years provides an income return whilst asset management angles can be initiated. SAPPHIRE WEST OFFICE INITIATIVES • Refurbish existing Sapphire West office buildings to Grade A standard to take advantage of the lack of currently available Grade A office accommodation in Solihull town centre. SAPPHIRE EAST • Undertake phased redevelopment of the whole site into two or more new Grade A office buildings and consider increasing massing on site, subject to planning. • Within Sapphire East remove The First Secretary of State break in 2021 and let vacant office suite. RESIDENTIAL INITIATIVES • Convert Sapphire West into residential apartments under existing Permitted Development Rights, for which planning has been obtained. Secure planning permission to convert Sapphire East upon vacant possession. • Alternatively, consider a phased redevelopment of the whole site for new build residential apartments, subject to planning. • The site is of such a size and location to explore Private Rented Sector (PRS) investment. ALTERNATIVE INITIATIVES • Planning has been secured for the development of a 99-bed hotel with associated conference and restaurant facilities on the existing car park to the south of the site. CONSENTED HOTEL • Explore alternative land uses including senior living, educational and DEVELOPMENT SITE healthcare. • Liaise with Network Rail and Solihull Council to provide direct link to Solihull rail station and associated bus stops through the existing multi deck adjacent car park. 04 05 SAPPHIRE COURT I STREETSBROOK ROAD I SOLIHULL I B91 1QT CONNECTING PEOPLE Solihull’s central location has excellent transport links by road, rail and air CARLISLE ROAD Solihull is located at the centre of the national M6 motorway network and the town centre is LEEDS approximately 1 mile (1.6km) west of M62 HULL Junction 5 of the M42 Motorway. This in turn connects to the M5, M6 MANCHESTER LIVERPOOL and M40 motorways. SHEFFIELD RAIL HS2 M6 HS2 M1 Solihull railway station, adjacent to Sapphire Court, is served by both Chiltern Railways and London Midland. BIRMINGHAM BIRMINGHAM AIRPORT Solihull will also benefit from the M1 proposed HS2 station at Birmingham Airport. SOLIHULL HS2 M5 M40 AIR Direct train to London Within Solihull Borough lies CARDIFF M4 LONDON Birmingham Airport, the seventh BRISTOL Birmingham largest in the UK. The airport is one of HS1 M20 DOVER City Centre the fastest growing in the UK, handling M3 circa 9.7 million passengers in 2014 and served by over 60 airlines operating scheduled and charter flights to EXETER over 125 domestic, European and 7 miles transatlantic destinations. UK Motorway Network 125 destinations served by HS1 & HS2 90 by road mins Birmingham airport 06 07 SAPPHIRE COURT I STREETSBROOK ROAD I SOLIHULL I B91 1QT LOCATION Solihull is one of the region’s most desirable office, retail and residential locations M6 A460 A51 A449 LICHFIELD A42 11 12 CANNOCK BURNTWOOD 11A T7 T8 T6 11 M54 BROWNHILLS T5 1 2 10A T4 TAMWORTH Solihull is a sub-regional centre in the heart of the West Midlands conurbation Solihull Metropolitan Borough is renowned for its key economic assets, A5 and is regarded as one of the region’s most desirable office, retail and strategic transport infrastructure, high quality environment, aspirational A461 residential locations. housing and excellent schools, which are integral to its economic success. 10 ROAD These values have ensured that Solihull is a desirable place in which to M6 Toll WOLVERHAMPTON live, work and invest. The town centre is strong, vibrant and of high regional Solihull is located approximately 7 miles (11 km) south east of Birmingham 10 T3 A5 importance containing a wide variety of shops, businesses and civic services. WALSALL city centre, 13 miles (21 km) west of Coventry, and 14 miles (22 km) north A454 9 T3 west of Warwick. London is approximately 120 miles (193 km) to the south Public and private sector initiatives include: A449 SUTTON east and Manchester approximately 80 miles (129 km) to the north west. 8 COLDFIELD T2 • Solihull rail station has seen a 250% increase in passenger traffic in 10 RAIL years rising to over 1.65m annually in 2013/2014. This has led to a new M6 NUNEATON T1 deck car park being constructed. A41 Solihull railway station, adjacent to Sapphire Court, has the following fastest direct journey times: • Touchwood shopping centre, anchored by John Lewis, currently comprises DUDLEY WEST 1 6 5 8 BROMWICH 4A 650,000 sq ft of retail and leisure space. Planning is consented to add a Birmingham (Moor Street/Snow Hill) 15 minutes further 115,000 sq ft / 30 units. 2 Warwick 17 minutes 4 • Standard Life/Opus Land have obtained planning for a 28,000 sq ft 3A M6 Stratford-upon-Avon 28 minutes A456 BIRMINGHAM Waitrose supermarket adjacent to John Lewis. High Wycombe 75 minutes HALESOWEN A45 BIRMINGHAM • IM Properties plan a phased redevelopment of the 750,000 sq ft 3 A38 6 London (Marylebone) 90 minutes Mell Square shopping centre. A456 A41 A452 M5 A34 AIR • Premier Inn opened a 112-bed hotel and associated restaurant in August KIDDERMINSTER M42 2012 in Solihull town centre. SOLIHULL Birmingham Airport is located 4 miles (6.5 km) north of Solihull town centre, 5 COVENTRY close to the intersection between the M6 and M42 motorways and is linked to • Jaguar Land Rover announced in January 2015 they are to create a further both Birmingham International rail station and the National Exhibition Centre A441 A435 1,300 jobs at their Solihull plant to build their first sports utility vehicle. This 4 4 (NEC). follows the recent launch and production of the new Jaguar XE at the plant which created 1,700 direct jobs. Inward business investment into the region has led to the runway at the airport 2 KENILWORTH 1 being extended in 2014 and the airport now handles direct flights to China, the • The National Exhibition Centre is the UK’s largest and Europe’s busiest. A448 4A M42 3 A4177 3A Middle East and New York. Adjacent to the NEC is the 16,000-person Arena. Both have seen upgrade A449 ALVECHURCH expenditure in the last 5 years totalling £70 million. BROMSGROVE A46 M40 REDDITCH 08 HENLEY IN ARDEN WARWICK 09 5 STUDLEY SAPPHIRE COURT I STREETSBROOK ROAD I SOLIHULL I B91 1QT SOLIHULL TOWN PROFILE & DEMOGRAPHICS Solihull is an integral part of the West Midlands economy and the most productive in the region Solihull has a 7,000 Solihull has a businesses, population of employing 74.5% more than level of home 206,700 ownership (2011 Census) 100,000 people Demographic and Business Profile Solihull has a population of 206,700 (2011 census) and is considered a highly affluent borough in both the regional and national context. This is characterised by above-average levels of income and home ownership and a high proportion of residents (50%) classified as belonging to the Prosperous Suburbs socio-demographic classification.