71-78 VICTORIA STREET WOLVERHAMPTON, WV1 3PQ SIGNIFICANT 2.64 ACRE CITY CENTRE RETAIL HOLDING WITH NUMEROUS ASSET MANAGEMENT AND DEVELOPMENT OPPORTUNITIES 71-78 VICTORIA STREET WOLVERHAMPTON, WV1 3PQ ST JOHN’S RETAIL PARK CITY OF WOLVERHAMPTON COLLEGE DUDLEY STREET MARKET STREET UNIVERSITY OF WOLVERHAMPTON LICHFIELD STREET PRINCESS STREET WOLVERHAMPTON CROWN COURT WOLVERHAMPTON GRAND THEATRE BUS STATION FOR IDENTIFICATION PURPOSES ONLY INVESTMENT CONSIDERATIONS W Attractive landmark department store totalling 376,636 sq ft W The majority of the property is subject to a licence to occupy between W Numerous asset management opportunities including (34,991 sq m) located in the heart Wolverhampton City Centre. House of Fraser and SDI (Propco 35) Ltd. A rent waiver letter is in place renegotiating the tenancy with Sports Direct/House of Fraser W Substantial city centre holding with a site area of c. 2.64 acres outlining that the principal rent and service charge payable under or repositioning the asset through change of use. (1.07 ha). the two leases shall be £1 pa. Insurance rent is still recoverable. W Freehold W Highly prominent location with triple frontages on to Darlington W The rear of 21 Darlington Street is let to Fixxion Warehouse Ltd W Offers sought in excess of £3,000,000 (Three Million Pounds) Street, Victoria Street and Skinner Street. on a nine year term expiring 31st July 2026 (TOB July 2020). subject to contract and exclusive of VAT. A purchase at The current passing rent is £12,600 pa. a low capital value of £7.97 psf W Beatties, or more recently House of Fraser, has traded here this level reflects subject since the 1920’s and is an iconic building within the city W The property is otherwise subject to £193,494 per annum to contract and exclusive of VAT. centre and a local landmark. of income via sub lettings payable to SDI (Propco 35) Ltd 71-78 VICTORIA STREET WOLVERHAMPTON, WV1 3PQ A38 Stoke-on-Trent Newcastle-under-Lyme A52 A515 NOTTINGHAM A50 A53 DERBY M1 A49 A518 M6 Burton upon Trent Midlands A6006 A442 A51 A38 Airport A42 A41 Shrewsbury Cannock Telford M54 M42 LEICESTER WOLVERHAMPTON M6 TOLL A47 Walsall Sutton Peterborough A458 A5 A49 A454 Coldfield West Bromwich M69 BIRMINGHAM A605 M6 M1 A6116 A1(M) M5 Birmingham International Kidderminster Airport COVENTRY A14 M42 A456 Coventry M45 A14 Airport A4025 M40 A435 Warwick A46 A423 NORTHAMPTON A1 Worcester A422 Stratford-upon-Avon A428 A49 A5 A44 Bedford A4103 A438 A429 Hereford A6 A422 A46 Milton Keynes M50 M40 A421 M1 M5 A49 A1(M) A5 LUTON GLOUCESTER Luton Airport LOCATION WOLVERHAMPTON – A CHANGING LANDSCAPE The city of Wolverhampton is a major commercial and Wolverhampton train station is located just to the north west economical hub located in the West Midlands approximately of the City Centre and is one of the principle stations on the Wolverhampton is subject to significant regeneration with £3.7 billion of investment currently onsite or in the 18 miles north west of Birmingham and 33 miles south of West Coast Main Line operating regular services to London pipeline. A prime example of this is the £55 million mixed use Urban & Civic development at the old Market Stoke-on-Trent. It is the second largest city in the region with Euston (1 Hour 40 minutes), Birmingham (18 minutes) and Square site in Westside. The project will deliver a multi-screen cinema, restaurants, bars, hotel, multi storey a population of approximately 256,000 and forms part of the Manchester Piccadilly (1 Hour 10 minutes). Wolverhampton car park, apartments, and improved public realm at the heart of the City Centre. Phase 1 of the scheme has densely populated Black Country. The City encompasses the benefits from a tram service to Birmingham city centre begun and is expected to complete by early 2020. boroughs of Dudley, Sandwell and Walsall and is situated via West Bromwich and Wednesbury with journey times of Other examples of regeneration in the area include, the redevelopment of the former Royal Hospital, to deliver within close proximity to towns such as Telford, West approximately 36 minutes. 156 residential units, as well as the councils purchase of ‘St George’s’ to deliver a major quality residential Bromwich, Walsall and Cannock. The recently extended Birmingham Airport located scheme. The City benefits from strong road communications being approximately 26 miles to the southeast and Manchester Furthermore, construction has begun on the Interchange project which is an £150 million scheme for a new located at the centre of the West Midlands’ road network with Airport is located approximately 67 miles to the north. City of Wolverhampton Railway Station to create a single integrated city centre transport hub bringing together the M6, M6 Toll, M5 and M54 all within a 7-mile radius of the Regular local bus services are operated by National Express rail, bus and Metro services. City Centre. The M40 and M42 can be easily accessed via the West Midlands further linking the city to neighbouring towns. M5 providing convenient road links to London. 71-78 VICTORIA STREET WOLVERHAMPTON, WV1 3PQ DEMOGRAPHICS A38 1.73 million people live within Stoke-on-Trent a thirty minute drive time Newcastle-under-Lyme A52 Population spends approx. £1.05 Billion per year A515 NOTTINGHAM A50 in Wolverhampton City Centre. A53 DERBY M1 A49 A518 The City of Wolverhampton has a large local labour pool, M6 with 323,000 people living in the city’s travel to work area. Burton upon Trent Midlands A6006 A442 A51 A38 Airport A42 University of Wolverhampton is 2nd most employable in the UK, A41 Shrewsbury Cannock with 96% of its 23,000 students going onto employment or further Telford M54 study and 80% working in the West Midlands after graduation. M42 LEICESTER WOLVERHAMPTON M6 TOLL A47 Walsall Sutton Peterborough A458 A5 A49 A454 Coldfield West Bromwich M69 ECONOMIC PROFILE BIRMINGHAM A605 M6 M1 City’s economy projected to grow 2-3% faster A6116 A1(M) M5 Birmingham than the national average over the next 10 years International Kidderminster Airport COVENTRY A14 M42 £3.7 billion of investment currently on site A456 Coventry M45 A14 Airport A4025 M40 or in the pipeline across the city of Wolverhampton A435 Warwick £40m committed A46 A423 NORTHAMPTON A1 Worcester A422 Stratford-upon-Avon A428 investment to improve the A449 A49 A5 A44 Bedford A4103 £250m has been invested A438 A429 in the University of Wolverhampton Hereford A6 A422 A46 Milton Keynes M50 M40 A421 M1 M5 A49 RETAILING A1(M) A5 LUTON The total population within the Wolverhampton Primary Retail Market Area is GLOUCESTER Luton estimated at 330,000 at end 2018, with an approximate shopping population of Airport 236,000. Wolverhampton is the prime retail centre in the Black Country and attracts shoppers from across the wider boroughs of Dudley, Sandwell and Walsall. City Centre retail floorspace in Wolverhampton is estimated at 1.58 million sq ft, ranking the city 27th in the UK. The principal shopping area in Wolverhampton comprises The Mander Centre, The Wulfrun Centre, Dudley Street and a number of adjoining side streets. This area has been fully pedestrianized as part of a scheme to help enhance the City Centre, which has been recently extended to include Princess Street. The area provides a good mix of occupiers including national retailers, financial services, independent shops and A3 operators. There are two department stores located in the City Centre; The subject property and the Debenhams in the Mander Centre which opened in October 2017. The store was opened as the new anchor of the £35 million refurbishment scheme which aimed to transform the Mander Centre into a major retail centre in the UK. 71-78 VICTORIA STREET WOLVERHAMPTON, WV1 3PQ ® VACANT SOCIETY HANKA TO BE 71-78 VICTORIA STREET WOLVERHAMPTON, WV1 3PQ SITUATION DESCRIPTION The property comprises a prominent department store located in the very heart of Wolverhampton Town Centre. The attractive property comprises three main buildings which include a landmark department store developed The building covers a large site area with access to House of Fraser from the southern side of Darlington Street, between the late 1920s and 1950s and a modern millennial extension which is interlinked to the south of the the east side of Victoria Street and the north side of Skinner Street. The House of Fraser car park is located on original building; both are arranged over lower ground, ground, first, second and third floors. The flagship the corner junction between School Street and Skinner Street with access from Skinner Street. store is known as something of a local institution famed for its House ‘art deco’ style architecture and unique elephant head motifs. To the southern and western side of the property is a five storey car park (390 spaces) The property is located just to the west of the prime retailing pitch in The Mander Shopping Centre and Dudley and a nightclub accessed via Skinner Street. Street. One of the Shopping Centres’ main entrances is located on Victoria Street and as a result this busy thoroughfare benefits from strong footfall. The store currently trades over 3 floors with the third floor used for staff and training accommodation only. The trading floors are linked via escalator, lift and stair access with the property totalling approximately 376,636 sq The location provides excellent accessibility with numerous public transport links within close proximity. ft. The property benefits from House of Fraser’s full range of services including click and collect as well as two Wolverhampton Central Railway station is located approximately 800m to the east of the property and 500m to customer cafés and a Caffe Nero at ground floor which benefits from frontage onto Darlington Street.