Former S Factory Wolv WV DH...Phase Apartments Beds Notes 1 23 42 1 show flat, 14 Assisted Living 2 7 21 3 15 50 4 Assisted Living 4 7 33 5 19 67 6 16 70 7 30 36 18 Assisted Living

Former Sunbeam Factory, Wolverhampton WV2 4DH

WOLVERHAMPTON INVESTMENT OVERVIEWSUMMARY DESCRIPTIONLOCATION TENURE & TENANCIESPLANNING FURTHER INFO

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PART COMPLETED & LET RESIDENTIAL INVESTMENT / DEVELOPMENT OPPORTUNITY

Former Sunbeam Factory, Wolverhampton WV2 4DH

WOLVERHAMPTON INVESTMENT OVERVIEWHOME DESCRIPTIONLOCATION TENURE & TENANCIESPLANNING FURTHER INFO

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SUMMARY

INVESTMENT CONSIDERATIONSColliers International is pleased to present this exciting Residential Investment / Development Opportunity in the young and vibrant city of Wolverhampton – one of the top ten growing economies in the UK.

• Landmark site on Wolverhampton Ring Road

• Full planning consent for 117 residential apartments

• 150,000 sq ft GIA on 2.1 acres total site area

• Within 15-minute walk of the University of Wolverhampton

• Currently producing £25,698 per month rental income

• Extensive asset management and value-add opportunities

We are inviting All Enquiries and will consider proposals to fund, develop or purchase the property outright, including joint venture structures.On the instructions of Joint Administrators.

Former Sunbeam Factory, Wolverhampton WV2 4DH

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LOCATION

LOCATIONThe property is situated on a gateway site at the junction of Wolverhampton Ring Road and Penn Road, immediately to the south of Wolverhampton City Centre.

The prime City Centre retail area, including the Mander and Wolfrun Shopping Centres, is within a short 10-minute walk from the property. The University of Wolverhampton City Campus is approximately 15 minutes’ walk (0.6 miles).

The property is also within 0.5 miles of several local amenities including Sainsbury’s, Iceland Foods, The Gym and Wilko.

Junction 10 of the M6 is a circa 15-minute drive (6 miles) to the east, providing connectivity to the national motorway network. Wolverhampton Railway Station is circa 1 mile away, offering CrossCountry, West Midlands and Virgin Trains services.

• Easy access to the M6, M6 Toll, M54, M5 and M42

• Birmingham 17 mins; London 98 mins; Manchester 70 mins

• HS2 will reduce the journey time to London to 49 mins

• An expanding tram network across the Black Country

• Access to over 150 global destinations from Birmingham International Airport (25 miles)

Former Sunbeam Factory, Wolverhampton WV2 4DH

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WOLVERHAMPTON INVESTMENT OVERVIEW

WOLVERHAMPTON INVESTMENT OVERVIEW

Wolverhampton is a young and vibrant city with a population of 254,000. Part of the Birmingham and Black Country conurbation, with a catchment of 1.73 million people within a 30-minute drive, the city is currently benefiting from £3.7 billion of inward investment and is one of the top ten growing economies in the UK.

The city has excellent transport links and its connectivity is being further boosted by a flagship transport interchange project.

Home to a leading University, Wolverhampton is a vibrant cultural, entertainment, sport and leisure destination. These credentials have enabled the city to evolve into one of the most entrepreneurial and important enterprise hubs in the UK.

Wolverhampton Interchange

£150 million public & private funded interchange project with development partners ION, to create a modern gateway to the city centre with integrated commuter hub, comprising a new railway station (to be open in Summer 2020), enhanced motoring and cycling facilities and Metro extension; together with new commercial, retail and leisure opportunities.

The first commercial element of the project, Wolverhampton i10, was completed at the end of 2015 and provides 36,000 sq ft of Grade A BREEAM Excellent office space over three floors and 15,000 sq ft of ground floor retail space. The building is fully let to Countryside Properties, Ovivo and Tarmac.

The second building, i9, will provide 50,000 sq ft of Grade A office space, with works to commence on site in 2019.

For further information: http://www.investwolverhampton.com/invest/key-developments/interchange.html

Westside

£55 million leisure-led regeneration project with development partner Urban & Civic, extending over a 6.4-acre site situated between the Penn

Road Island and Salop Street in the city centre.

Phase One of the project includes the completed relocation of Wolverhampton Indoor Market and plans for 70,000 sq ft of mixed leisure space, 30,000 sq ft of bars & restaurants, 9 screen cinema, 150 bed hotel and 600 space multi-storey car park.

Phase Two will deliver a further 50,000 sq ft of retail and leisure space and over 300 new city homes.

For further information: http://www.investwolverhampton.com/invest/key-developments/westside.html

University of Wolverhampton

The University of Wolverhampton offers over 500 courses across 18 Schools & Institutes, achieved 96% graduate employability in 2017 and was awarded Silver in the Teaching Excellence Framework 2018.

In May 2015 the University announced a £250 million investment plan: including a new £18m Business School opened in November 2015, a £21m state-of-the-art Science Centre, £4m City Campus courtyard refurbishment, £30m Digital Campus programme, £10m of advanced engineering facilities at the Telford Innovation

Campus and a new £100m Architecture & Built Environment Campus on the site of the former Springfield brewery – which will be the largest of its kind in Europe.

For further information: https://www.wlv.ac.uk/

Molineux Quarter

Collaborative regeneration project between Wolverhampton Wanderers FC, the City Council and University to create a northern gateway in to the city centre with enhanced public realm, pedestrian and cycling amenities.

For further information: http://www.investwolverhampton.com/invest/key-developments/molineux-quarter.html

I54 South Staffordshire

239-acre business park strategically located at Junction 2 of the M54 Motorway.

i54 is a £50 million joint venture partnership between Staffordshire County Council, Wolverhampton City Council and South Staffordshire Council, with Enterprise Zone status and includes the 1,000,000 sq ft advanced engine facility of Jaguar Land Rover.

For further information: http://www.i54online.com/

Former Sunbeam Factory, Wolverhampton WV2 4DH

WOLVERHAMPTON INVESTMENT OVERVIEWHOME SUMMARY LOCATION TENURE & TENANCIESPLANNING FURTHER INFO

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DESCRIPTION

DESCRIPTIONThe property comprises the landmark former manufacturing facility of the Sunbeam Motor Company, dating from the late 1800s. Such is the historical prominence of the site that the vicinity is still referred to as “Sunbeamland”.

The property has been disused since the late 1990s but is now undergoing extensive conversion to provide a modern residential development within this striking period building.

The building is configured over four stories plus basement around a central courtyard. Key features include high ceilings, large windows and generous apartment sizes, creating a bright spacious living environment.

The development also benefits from 112 car parking spaces and plans for a landscaped Community Hub and games area.

ACCOMMODATION The consented development is configured as follows:

Phase Apartments Beds Notes

1 23 42 1 show flat, 14 Assisted Living

2 7 21

3 15 50 4 Assisted Living

4 7 33

5 19 67

6 16 70

7 30 36 18 Assisted Living

Total 117 319

Notes

• Show apartment (1-bed) included in Phase 1 sub-total (development total: 116 excluding show apartment)

• Assisted Living (Learning Disability) Accommodation, all 1-bed apartments: 36 in total

We understand that the property extends to approximately 150,000 sq ft Gross Internal Area.

Former Sunbeam Factory, Wolverhampton WV2 4DH

WOLVERHAMPTON INVESTMENT OVERVIEWHOME SUMMARY DESCRIPTIONLOCATION TENURE & TENANCIES FURTHER INFO

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PLANNING

PLANNING The development received full planning permission in June 2014 (Ref. 13/01262/FUL) for conversion and part new-build for residential use, including houses of multiple occupation and learning disability accommodation.

The consent was subject to a s106 agreement comprising Affordable Housing provision of 25%, 10% renewable energy, Open Space and Play Contribution and commission of a work of public art or craft.

DEVELOPMENT PROGRESSDevelopment works commenced in 2014 in seven phases. Overall, works are at an advanced stage, with Phases 1 and 3 complete and Phases 2 and 6 circa 90% complete.

There are currently 35 completed apartments comprising 78 bedrooms, including 14 assisted living apartments providing Learning Disability accommodation. On completion the development will comprise 117 apartments and 319 bedrooms (including 1 x 1-bed show flat).

Former Sunbeam Factory, Wolverhampton WV2 4DH

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TENURE & TENANCIES

TENUREThe main site between Paul Street, Pool Street and Jeddo Street is held Freehold: Title Number WM796099 (edged red).

The adjacent land fronting Paul Street is held leasehold by a connected party: Title Number MM49689 (edged blue) and is available by separate negotiation.

TENANCIES The property is currently subject to the following tenancies:

Room Type Rooms Let Rent pcm

Private rented 26 £13,759

Serviced (1-bed) 1 £780

Assisted Living 14 £11,158

Total 41 £25,698

Notes

• All private rented units are let on a room by room basis on Assured Shorthold Tenancies.

• The serviced apartment is let on a rolling monthly basis.

• The Assisted Living (Learning Disability) Accommodation is let on a single lease to Inclusion Housing Community Interest Company for 40 years from 01/02/2016 at an initial rent of £133,900 per annum, subject to annual CPI indexation from 03 April 2017 – the rent reviews have not been documented and are outstanding.

• Due to the short-term nature of some tenancies, the income figures stated above are subject to change.

Former Sunbeam Factory, Wolverhampton WV2 4DH

WOLVERHAMPTON INVESTMENT OVERVIEWHOME SUMMARY DESCRIPTIONLOCATION TENURE & TENANCIESPLANNING

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FURTHER INFO

TERMSThe Joint Administrators are inviting All Enquiries and will consider proposals to fund, develop or purchase the property outright, including joint venture structures.

Additional information is available in the dataroom – please register here.

CONTACTSFor further information please contact:

Nick Hammond

0121 265 7587

[email protected]

Jon Cookson

020 7487 1621

[email protected]

Rebecca Humes

0121 265 7518

[email protected]

Misrepresentation Act: Colliers International gives notice that these particulars are set out as a general outline only for the guidance of intending Purchasers or Lessees and do not constitute any part of an offer or contract. Details are given without any responsibility and any intending Purchasers, Lessees or Third Party should not rely on them as statements or representations of fact, but must satisfy themselves by inspection or otherwise as to the correctness of each of them. No person in the employment of Colliers International has any authority to make any representation or warranty whatsoever in relation to this property. February 2019