BIRCHHOUSE - Modern office investment let to - BIRCHLEY PARK OLDBURY B69 2AQ - Bond Wolfe
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BIRCHHOUSE B I R C H L E Y PA R K • O L D B U R Y • B 6 9 2 AQ Modern office investment let to
BIRCHHOUSE
B I R C H L E Y PA R K • O L D B U R Y • B 6 9 2 AQ
01
INVESTMENT SUMMARY
High quality modern office building situated in a
strategic location off Junction 2 of the M5 Motorway.
• Located within the Greater Birmingham conurbation,
8 miles north-west of Birmingham City Centre.
• Birmingham is the UK’s second city and along with the wider
Greater Birmingham area plays home to many leading
corporate and public sector occupiers.
• Strategic location providing immediate access to the
West Midlands and the wider UK Motorway network.
• Modern 3 storey Grade A office building comprising 3,321 sq m
(35,749 sq ft) with a generous car parking ratio (1:202 sq ft).
• Freehold.
• Let in its entirety to Npower Ltd, part of the international energy
provider RWE Group, providing excellent income security.
• The lease expires on 11th March 2021, providing 3.5 years
to lease expiry.
assing rent of £517,650 per annum equating to a modest
•P
£14.48 per sq ft.
xtensively refurbished by the tenant in 2016, demonstrating
•E
commitment to the property.
We are instructed to seek offers in excess
of £6,070,000 exclusive of VAT for the
freehold interest.
A purchase at this level reflects an attractive
Net Initial Yield of 8.00% assuming full
purchaser’s costs of 6.63% and a low overall
capital value of £170 per sq ft.
BIRCHHOUSE
B I R C H L E Y PA R K • O L D B U R Y • B 6 9 2 AQ
02
A4123
M5 SOUTH
A4034
BIRCHFIELD LN
M5 J2
A4123
Birchley Island
Development
M5
Shell PFS
A4034
JOSEPH ST
NORTH TO M6
Half Penny
Farm Pub Swallowfield
Courtyard
BIRCHFIELD LN
The Stores
Bar & Grill Birchfield WOLVERHAMPTON RD
House
A4123
A41
A515
Stafford Burton A
A53 upon Trent
BIRCHHOUSE
B I R C H L E Y PA R K • O L D B U R Y • B 6 9 2 AQ
A34
03
A38
A41 Cannock
Shrewsbury Lichfield
Telford
LOCATION A49 Oldbury M54
A4034 M42 A444
PARK ST A461
A458 M6 Toll
Oldbury is positioned at the heart of the UK, only 8km (5 miles) north-west of WOLVERHAMPTON RD
BIRCHFIELD LN M6
Walsall
Birmingham, the economic powerhouse for the West Midlands and the principal Wolverhampton A5
JOSEPH ST
commercial and administrative centre for the wider Midlands region. Birmingham
boasts a population of circa 1,101,000 (2017 est.) making it the largest regional centre A4123 CHURCHBRIDGE
A454 West Sutton
in the UK in both population and economic terms. The wider Greater Birmingham Bromich Coldfield
M5
conurbation has a resident population of circa 2.45 million (2014 est.) and the Bridgnorth Nuneaton
property benefits from access to over 50% of the UK population within 2 hours. Oldbury
Oldbury and the West Midlands Birmingham produces nearly 25,000 M6
are due to benefit from significant graduates a year from its three A442 Birmingham
investment over the next 10 years with universities and a further 100,000 2 A456
an estimated £10bn of infrastructure due graduates are produced from fifteen Solihull Coventry
to be delivered, including Motorway other leading universities within the WOLVERHAMPTON RD
Kidderminster M42
improvements, Metro extensions and region, all under one hour’s drive from A4123 A435
A4034
the arrival of HS2 to the region. The the property. This pool of educated and A46
Black Country in particular has seen skilled labour is a major attraction for A456
a significant increase in foreign and businesses and a significant factor M5 A4
domestic investment over the last few in why the West Midlands is home M5 A449 M40
years and was recognised as one of the to over 142,000 companies including
top 5 cost-effective regions in the UK. over 1,900 international businesses.
This continued investment will cement SITUATION
the regions position in a National and A435
European context in terms of premier The property is situated adjacent The property is accessed principally The neighbouring area is predominantly
business locations. to St Modwen’s Birchley Island from Joseph Street, an estate road A46
commercial, supporting A429
a variety of
development scheme. The scheme that connects to both the A4123 dual different uses, including modern office,
involves a major capacity Improvement carriageway and A4034. Both these retail warehousing, food retailing,
KEY LOCAL OCCUPIERS INCLUDE:
to the linked junctions of Birchley Island roads provide access to Birchley Island industrial, trade counter and car
• Travelodge Reservation Services • HM Revenue & Customs and M5, Junction 2, building on the and the M5 motorway whilst the A4123 showrooms with occupiers including,
• Crow Clarke Whitehall • OCS Highways Agency scheme to widen connects with Dudley and the A4034 AA, Toys R U, Halfords, Dunelm Mill,
the motorway ‘off’ slips as part of the provides access to Oldbury town CD Transport, McDonalds and Fayre
• Arnold Clarke • Regus
Pinch Point Programme. centre, Oldbury Green Retail Park and Square Public Houses.
• The AA Sainsbury’s supermarket all of which
are in close proximity.
BIRCHHOUSE
B I R C H L E Y PA R K • O L D B U R Y • B 6 9 2 AQ
04
COMMUNICATIONS
ROAD MIDLAND METRO TRAM SYSTEM
Benefitting from excellent access to the national Oldbury and the wider area benefit from the Midland
Motorway network by virtue of a central UK location, Metro tram system, one of the UK’s most successful
the property is directly adjacent to Junction 2 of the rapid transport systems. The Midland Metro is the
M5 motorway, providing close proximity access to light rail system for the West Midlands which operates
the M6, M6 Toll, M42 and M40. Access to Central between Birmingham and Wolverhampton via West
Birmingham is achieved in a journey time of circa Bromwich and Wednesbury. It operates seven days
20 minutes via the A4123 Wolverhampton Road. a week with a ‘turn up and go’ every eight minutes
Dudley and the Merry Hill retail area are just during the day and every 15 minutes during the
a short drive away via the A4034. evenings and Sundays.
West Bromwich Parkway offers park and ride facilities
RAIL and is the closest Metro station to the subject
Intercity rail links are provided from Sandwell property. Just 3 miles (5 km) north along the A4034,
and Dudley Railway Station, 2.6km (1.7 miles) to West Bromwich Parkway offers journey times into
the north of the property, with regular services to Birmingham Snow Hill in 19 minutes with further
Wolverhampton, Birmingham New Street, Birmingham expansion works underway that will connect
International, Milton Keynes and London Euston. New Street Station with the current line.
Journey times to Birmingham New Street are 10
minutes whilst Birmingham International, for airport
AIR
access, can be reached in 22 minutes. Three
services an hour run direct to London Euston with Oldbury is served by Birmingham Airport, 23 miles
a journey time of approximately 1 hour 40 minutes. (37 km) to the south west of the property via the M6
Local train services from Dudley Port Station serve motorway and Manchester Airport, located 77 miles
the Birmingham to Wolverhampton line with three (123 km) north also accessed via the M6 motorway.
services an hour linking Oldbury to Wolverhampton Birmingham Airport can be reached from the subject
in 12 minutes. property via a direct rail service to Birmingham
International from Sandwell and Dudley station with
a fastest journey time of 21 minutes. The new runway
extension at the airport provides direct flights to the
Far East and the west coast of America and makes
Birmingham Airport the busiest outside of London
in terms of passenger traffic.
BIRCHHOUSE
B I R C H L E Y PA R K • O L D B U R Y • B 6 9 2 AQ
05
PROPERTY
DESCRIPTION
Developed in 2001, Birch House is
a modern office building of steel
framed construction under a traditional
pitched tiled roof.
The façades are a mixture of brick
and aluminium profile cladding with
full height atrium creating impressive
access to the office accommodation.
The site extends to approximately
0.93 hectares (2.36 acres) and there
are 177 car parking spaces, providing
an excellent car parking ratio of
1:18.76 sq m (1:202 sq ft).
The office specification includes:
• Tenant installed canteen and gym
• Male, female and disabled toilets
on all floors
• Accessible raised floors with a
minimum clear void of 150 mm
• Suspended ceilings with LED lighting
• Comfort cooling throughout and
heating provided by way of a
low-pressure hot water system
• Two 13-person passenger lifts
BIRCHHOUSE
B I R C H L E Y PA R K • O L D B U R Y • B 6 9 2 AQ
06
ACCOMMODATION COVENANT
SCHEDULE Npower Ltd is the UK retail energy arm of RWE Group,
one of Europe’s five leading electricity and gas companies,
The vendor has provided the following
active in the generation, trading, transmission and supply
Net Internal Areas:
of electricity and gas.
Floor Sq M Sq Ft Npower supplies electricity and gas to six million residential
customer accounts and is also the second largest supplier
Ground Floor 63 678 of energy to the business market serving around half
Reception
a million customers.
Ground Floor 1,076 11,584
Offices Npower employs around 11,500 people in the UK, with its
headquarters based in Swindon. The Birch House facility
1st Floor Offices 1,104 11,599
accommodates Npower’s major business and customer
2nd Floor Offices 1,104 11,888 service teams.
For further information visit www.npower.com
Total 3,321 35,749
31.12.2016 31.12.2015 31.12.2014
(£’000s) (£’000s) (£’000s)
TENURE Turnover 3,939,500 3,567,100 3,292,700
The property is held freehold. Profit before Tax 359,000 103,900 55,000
Net Worth 9,600 (357,100) (508,200)
TENANCY
The property is let in its entirety to
Npower Ltd on a Full Repairing and
Insuring lease for a term of 20 years
commencing on the 12th March 2001
and expiring on 11th March 2021,
providing 3.5 years unexpired. The
passing rent is £517,650 per annum
reflecting £14.48 per sq ft overall.
BIRCHHOUSE
B I R C H L E Y PA R K • O L D B U R Y • B 6 9 2 AQ
07
EPC FURTHER
The property has an EPC rating of D95. INFORMATION
For further information or to arrange
a site inspection, please contact
VAT the following:
We understand the property will be
elected for VAT. It is intended that the
sale will be treated a Transfer of a
Going Concern (TOGC).
KnightFrank.co.uk
Jonathan Devaney
PROPOSAL 0121 233 6490
jonathan.devaney@knightfrank.com
We are instructed to seek offers in
Ben Wisher
excess of £6,070,000 exclusive of VAT
0121 233 6456
for the freehold interest. A purchase
at this level reflects an attractive ben.wisher@knightfrank.com
Net Initial Yield of 8.00% assuming full
purchaser’s costs of 6.63% and a low
overall capital value of £170 per sq ft. James Mattin
0121 524 1172
jamesmattin@bondwolfe.net
Important notice. Particulars: These particulars are not an offer or
contract, nor part of one. You should not rely on statements by Knight
Frank LLP in the particulars or by word of mouth or in writing
(“information”) as being factually accurate about the property, its
condition or its value. Neither Knight Frank LLP has any authority to
make any representations about the property, and accordingly any
information given is entirely without responsibility on the part of the
agents, seller(s) or lessor(s). Photos etc: The photographs show only
certain parts of the property as they appeared at the time they were
taken. Areas, measurements and distances given are approximate only.
Regulations etc: Any reference to alterations to, or use of, any part of the
property does not mean that any necessary planning, building
regulations or other consent has been obtained. A buyer or lessee must
find out by inspection or in other ways that these matters have been
properly dealt with and that all information is correct. VAT: The VAT
position relating to the property may change without notice. Knight
Frank LLP is a limited liability partnership registered in England with
registered number OC305934. Our registered office is 55 Baker Street,
London W1U 8AN, where you may look at a list of members’ names.
September 2017. carve-design.co.uk 13088
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