Birches Bridge Shopping Centre, Wolverhampton Road, Codsall, Staffordshire, WV8 1PE Freehold Neighbourhood Parade Investment First time on the market in 50 years Birches Bridge Shopping Centre, Wolverhampton Road, Codsall, Staffordshire, WV8 1PE FREEHOLD NEIGHBOURHOOD RETAIL PARADE Investment Considerations • First time on the market in 50 years • Successful scheme providing a strong tenant mix • Asset management opportunities including letting and broad retail offering for the surrounding area the three vacant upper units and increasing • A busy neighbourhood parade anchored by a the income, converting the upper parts to Co-op convenience store • Tenants include Co-op, Costa, Lloyds Pharmacy residential accommodation and redeveloping the and Papa John’s site (including adding an extra floor) subject to • Situated in a popular residential suburb of consents Wolverhampton within close proximity to both • AWULT of 7.5 years to expiry and 6.3 years a primary and secondary school to break • Offers are sought in excess of£5,000,000 (Five Million Pounds), subject to contract and exclusive • Freehold • Total site area of 1.77 acres (0.72 hectares) of VAT. A purchase at this level would reflect anet initial yield of 8.50% and a potential reversionary • Current passing rent £453,130pa yield of 8.97% after allowing for purchasers costs of 6.59% Birches Bridge Shopping Centre, Wolverhampton Road, Codsall, Staffordshire, WV8 1PE FREEHOLD NEIGHBOURHOOD RETAIL PARADE South Staffordshire Council Office Billbrook Station Codsall Middle School Primary School Brindley Gardens Development Birches Bridge Shopping Centre, Codsall Birches Bridge Shopping Centre, Wolverhampton Road, Codsall, Staffordshire, WV8 1PE FREEHOLD NEIGHBOURHOOD RETAIL PARADE 7 1 5 1 2 9 2 1 23 Pendrell Close Codsall A41 A515 A38 12 Middle School E OV GR 8 0 5 6 2 IA 0 L 7 NO 3 G 1 A51 MA A449 5 A 2 Z 1 A 2 7 L E 1 A 1 27 C 12 L 9 O S 9 E 6 5 7 Telord Tamorth 9 2 1 6 A41 8 St Christopher's 8 8 Catholic Primary School 4 9 Brindley CS 8 Gardens 9 54 0 0 A548 Walsall M42 1 1 1 A460 A5 3 t S 9 o 4 Wolverhamton B il 0 ir ve ch r 6 WOLVERHAMPTONe ROAD 1 9 0 1 A4123 1 1 Filling 1 Station Birches Bridge a 1b 6 3 A458 6 3 a DUCK LANE 57 6 5 A442 8 BR M6 6 Bi lbro 2 H ok BR 6 5 alt R 2 7 1 B RR 4 e 6 l h a v e n Billbrook L a 10 idderminster w n Birches Bridge Station s w 0m 25m 50m 75m o o 9 d 8 1 2 1 Ordnance Survey © Crown Copyright 2018. All rights reserved. Licence number 100022432. Plotted Scale - 1:1810 Location Situation Billbrook Station is immediately adjacent to the property which provides regular services to: Codsall is a popular South Staffordshire commuter The property occupies a prominent position on the town situated to the north west of Wolverhampton. busy Wolverhampton Road in a densely populated Destination Journey Time The town is situated approximately 5 miles north- residential area close to its junction to Duck Lane. west of Wolverhampton city centre and 22 miles Bilbrook Station is located 100 metres to the east. Wolverhampton 6 mins north-west of Birmingham. The town benefits from The property is located across the road from good road links being situated 1.2 miles north of the St Christophers and Codsall Middle Schools. Telford 21 mins A41 which leads to Wolverhampton City Centre as well as providing access to the M54 (J2) which is 3.6 Developer Bloor Homes has put forward the proposal Birmingham New Street 26 mins miles to the north east of the town. for a new housing estate of 160 homes on the Shrewsbury 42 mins outskirts of Billbrook within walking distance of the subject property. Birches Bridge Shopping Centre, Wolverhampton Road, Codsall, Staffordshire, WV8 1PE FREEHOLD NEIGHBOURHOOD RETAIL PARADE Description Site Area TENANTS INCLUDE: The property occupies a large site to the south 1.77 acres (0.72 hectares) of Wolverhampton Road and comprises a purpose built neighbourhood shopping centre Tenure constructed in the early 1970s. The property is Freehold formed of four buildings comprising three two storey retail parades and a further one storey retail parade. The buildings provide 20 shops, 12 office units and 1 flat. The property benefits from car parking to the front and rear. Asset Management Opportunities This investment provides multiple asset management opportunities including: • Letting the three vacant upper units • Converting the upper parts to residential accommodation • Increasing the rent through implementing rent reviews • Changing the use of the units to achieve higher rents (STP) • Redeveloping the site (through adding an additional floor) subject to consents Birches Bridge Shopping Centre, Wolverhampton Road, Codsall, Staffordshire, WV8 1PE FREEHOLD NEIGHBOURHOOD RETAIL PARADE SCHEDULE OF ACCOMMODATION AND TENANCIES ALBANY PARADE: Accommodation Floor Tenant Floor Area Floor Area Lease Start Next Review Lease Expiry Rent £pa Comments (Sq M) (Sq Ft) (Break) 72 Wolverhampton Road GF Pioneers UK Limited t/a Costa Coffee 130.1 1401 20/03/2018 20/03/2023 19/03/2028 £26,000 Concessionary rent of £20,000 pa. (19/03/2023) ERV £26,000 pa 72A Wolverhampton Road 1F Vacant 112.8 1,214 £0 ERV £9,000 pa 74 & 76 Wolverhampton Road GF Co-operative Foodstores Limited 482.2 5,191 24/06/2004 24/06/2024 23/06/2034 £67,330 The vendor will top up the 6 month (23/06/2029) rent free period at the commencement of the reversionary lease (June 2019) 78 Wolverhampton Road GF & 1F Compton Hospice Limited 102.0 1,098 25/12/2016 25/12/2021 24/12/2026 £17,000 (24/12/2021) 80 Wolverhampton Road GF & 1F Wasim Malik t/a Farmhouse Butchers 103.0 1,108 23/03/2008 24/03/2018 £17,000 Section 25 notice served proposing a new 10 year lease at £18,500 with review after 5 years 82 Wolverhampton Road GF & 1F Man Lap Ho t/a Good Taste Chinese Cuisine 101.7 1,094 22/12/2013 22/12/2019 21/12/2028 £22,500 3 yearly rent review 84 Wolverhampton Road GF & 1F Ian Rigby Jewellers Limited 103.3 1,112 15/06/2005 14/06/2020 £18,000 86 Wolverhampton Road GF & 1F Lloyds Pharmacy Limited 100.8 1,085 22/09/2010 21/09/2020 £17,500 88 Wolverhampton Road GF The Optical Partnership (Properties) Limited t/a 73.6* 792 01/12/2012 01/12/2017 30/11/2027 £16,750 Further break option in 2023 4Sight Opticians (30/11/2018) 88A Wolverhampton Road 1F Sara Hargreaves and Suzana Cirncan t/a 54.3 584 01/08/2015 01/08/2020 31/07/2025 £8,000 The reviewed rent is either £8,400 pa Codsall Tuition Centre or if greater RPI increases calculated annually 90 Wolverhampton Road GF SJS Enterprise Limited t/a Fonestech 71.9 774 07/08/2018 07/08/2021 06/08/2023 £15,000 (06/08/2021) 90A Wolverhampton Road 1F Vacant 53.9* 580 £0 ERV £6,500 pa Storage Unit Rear Store £0 Brinbirch Ltd considering £500 pa lease 92 and 92A Wolverhampton GF & 1F Wow Hair Group Limited 131.3 1,414 15/09/2015 15/09/2020 14/09/2025 £19,000 Road 94 Wolverhampton Road GF Acorn's Children's Hospice Trading Limited 76.1 819 06/05/2011 05/05/2021 £14,200 94A Wolverhampton Road 1F Worthington Estates Ltd 55.1 593 31/01/2019 £5,000 New five year lease agreed at £6,500 pa 96 Wolverhampton Road GF Inderjit Singh Khangura t/a The Vineyard 73.1 786 11/06/2018 10/06/2021 £14,000 Rent Review uplift of £875 pa expected 96A Wolverhampton Road 1F Suthiwa Jewkes t/a Thai Body & Soul 49.7* 535 16/04/2018 16/04/2021 15/04/2024 £6,000 £1,500 rent deposit (15/04/2021) 98 Wolverhampton Road GF & 1F BBFB Limited t/a Birches Bridge Fish Bar 73.9* 795 25/03/2012 25/03/2022 24/03/2027 £17,750 TOTAL £303,030 * Areas taken from the VOA Birches Bridge Shopping Centre, Wolverhampton Road, Codsall, Staffordshire, WV8 1PE FREEHOLD NEIGHBOURHOOD RETAIL PARADE SCHEDULE OF ACCOMMODATION AND TENANCIES BRINBIRCH PARADE: Accommodation Floor Tenant Floor Area Floor Area Lease Start Next Review Lease Expiry Rent £pa Comments (Sq M) (Sq Ft) (Break) 100 Wolverhampton Road GF George Xenophon Christoforou and Michelle 104.2 1,121 21/02/2018 21/02/2022 21/02/2018 £18,000 Clare Christoforou t/a Codsall Flooring 100A Wolverhampton Road 1F Mark Partridge and Joanne Partridge t/a Style 65.4 704 01/08/2015 01/08/2018 31/07/2021 £8,500 Rent Review Outstanding 100 £1,625 rent deposit 102 Wolverhampton Road GF Papa John's (GB) Limited 79.7 858 22/07/2011 22/07/2021 21/07/2026 £15,200 102A Wolverhampton Road 1F Vacant 46.5 500 £0 ERV £6,000 pa 104 Wolverhampton Road GF & 1F Richard Armitage t/a The Wishing Tree 76.5 823 07/04/2013 07/04/2018 06/04/2023 £17,750 First Floor Flat sublet. Not accessed on inspection. Measurement GF only Lease taken on assignment 106 Wolverhampton Road GF Darren Round, Ann Patricia Western and 45.5 490 07/03/2014 07/03/2019 06/03/2024 £13,000 Lease taken on assignment Joanne Creswell t/a Deli Fusion (06/03/2019) 3 month rent penalty if exercised £3,250 rent deposit 106A Wolverhampton Road 1F Lee Masters t/a Hearts & Anchors Tattoos 48.6* 523 01/07/2015 01/07/2018 30/06/2021 £7,500 108 Wolverhampton Road GF Stephen Rose (father of Louise Harris) t/a The 45.8 493 25/12/2014 25/12/2019 24/12/2024 £10,750 3 month rent penalty if exercised Flower Shop (24/12/2019) 108A Wolverhampton Road 1F Louise Harris t/a Weddings at The Flower Shop 51.5* 554 29/09/2018 29/09/2012 28/09/2024 £6,000 Outside 54 Act 110 Wolverhampton Road (Shop GF Laurence Bryan Walker-Kukan 132.4 1,425 24/12/2016 25/12/2019 24/12/2026 £32,500 Units 1a and 1b) t/a Codsall Hardware & Ironmongery 110 Wolverhampton Road GF Mark Hodgkiss t/a Mode Menswear 46.4 499 15/01/2018 15/01/2019 14/01/2021 £12,650 Outside 54 Act Tenant did not exercise break.