Hotel operational opportunity. gva.co.uk/5706

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1 Hotel operational opportunity gva.co.uk/5706

2 Highlights Landmark development located in a prominent and accessible position by the and offering the opportunity for prominent brand exposure. Award winning architect-led redevelopment benefits from historic status but with new build efficiency. Purpose built accommodationled 100 bed hotel with substantial parking and on-site office and retail facilities. Well located for Birmingham City Centre, Birmingham Airport/ NEC, regional leisure attractions and local corporate occupiers. Letting or management proposals invited. Fort Dunlop, Fort Parkway, Birmingham, B24 9FD

Introduction GVA has been appointed by Urban Splash Ltd to offer to let or to manage the striking hotel at their prominent Fort Dunlop development.

branding. Fort Dunlop The hotel forms part of the Fort Dunlop development, which is an architectural icon and a Birmingham landmark.

3 Introduction GVA has been appointed by Urban Splash Ltd to offer to let or to manage the striking hotel at their prominent Fort Dunlop development. This rare opportunity follows the Company Voluntary Arrangement (CVA) undertaken by Travelodge Hotels Ltd with the hotel being offered free and clear of all Travelodge management and associated branding. Fort Dunlop The hotel forms part of the Fort Dunlop development, which is an architectural icon and a Birmingham landmark. Fort Dunlop was previously the original tyre factory and main office of Dunlop Rubber but when the company was sold in the 1980s, tyre production ceased and the building was closed. Although it was derelict for almost 20 years, the building still generated significant income from advertising space. In 1999, Urban Splash Ltd acquired the building and undertook a comprehensive design-led redevelopment with the assistance of architects shedkm. The award-winning redevelopment kept the best parts of the original building and added new features including an 100 bed hotel, 7,000 sq ft atrium and the longest green roof in Europe. Fort Dunlop now provides 300,000 sq ft of Grade A office space and 45,000 sq ft of retail space, as well as the 100 bed hotel. Consistently over 95% let, it is home to over 54 tenants and houses the Birmingham Post & Mail headquartersl, Service Birmingham (Capita), Secretary of State, Ford and many others ranging from structural engineers, building contractors, quantity surveyors, accountants, insurance companies through to design consultants and PR firms. The development also boasts an array of on-site retailers including a coffee shop, sandwich shops, restaurants, convenience store, childrens play area and nursery. Location Fort Dunlop occupies one of the most prominent and accessible sites in the country, being adjacent to the between junction 5 and 6. The links directly to the M5,, M1 and 9 which in turn connects to almost all of the major motorway junctions in the UK. Fort Dunlop is located on the A47 Fort Parkway, which takes you directly to Birmingham City Centre in around ten minutes by car. Alternatively, a Fort Dunlop double decker bus, complete with wifi, shuttles to and from the City Centre at peak hours. The hotel The hotel comprises a striking 10-storey extension to the original building. The hotel is currently painted blue with Travelodge signage but could be re-painted if required in the new occupier s corporate colours and with increased signage (subject to planning) prominently displayed. The hotel extension is 8 metres wide with the 100 bedrooms located at the rear of the hotel, each with a large distinctive porthole window. The front of the hotel does not have any windows above ground floor level, presenting a seamless appearance to passing traffic and reducing sound penetration into the bedrooms. gva.co.uk/5706

Summary of accommodation We provide below a summary of the hotel s accommodation: Floor Ground Floor 1st Floor 2nd Floor 3rd Floor 4th Floor 5th Floor 6th Floor 7th Floor 8th Floor 9th Floor 10th

Store The hotel was purpose built and opened in June 2006. It is therefore still relatively new and presents well.

4 Summary of accommodation We provide below a summary of the hotel s accommodation: Floor Ground Floor 1st Floor 2nd Floor 3rd Floor 4th Floor 5th Floor 6th Floor 7th Floor 8th Floor 9th Floor 10th Floor Accommodation Reception, Reception Office, Bar, Lounge/Bar Area, Small Kitchen, WCs, 3 Disabled Bedrooms 7 Bedrooms, 2 Disabled Bedrooms, Linen Store 9 Bedrooms, Linen Store 9 Bedrooms, Linen Store The hotel was purpose built and opened in June It is therefore still relatively new and presents well. The hotel is connected to all main services, and benefits from two passenger lifts and stairs to all floors. Bedrooms are a uniform shape and size with standard bedrooms having a floor area of 21.4 sq m (230 sq ft) and ground floor disabled bedrooms having a floor area of 24.2 sq m (260 sq ft). The ground floor lounge/bar has a seating area of 57.4 sq m (617 sq ft). The hotel benefits from access to 120 visitor parking bays. Parking charges currently apply between 6am and 6pm Monday to Friday but there are no parking charges between 6pm and 6am on weekends and on Bank Holidays. The hotel is surrounded by landscaped areas to the front and rear. There is space to extend the property at ground floor level in either direction (subject to planning) or into the main building itself, and this would be considered by the owners, should there be a business case to do so. The business The hotel currently trades as an accommodation-led Travelodge hotel taking advantage of the proximity to Birmingham City Centre, Birmingham Airport and the NEC. There are many corporate occupiers nearby as well as leisure attractions including Villa Park, Drayton Manor and The Belfry. Trading performance The hotel has been occupied and traded by Travelodge Hotels Limited under the terms of their lease. Therefore, only limited trading information is available. However, we understand that the hotel s turnover has consistently been in excess of 1m. The opportunity This is a unique opportunity for a new operator to take over the operation of this iconic hotel either under a lease or management contract. The new operator will have the opportunity to work alongside the property s owners and developers, Urban Splash Ltd, to improve the quality of the product and optimise trading performance. Whilst the hotel currently presents well, various asset management opportunities exist. These include a refurbishment of the internal areas, an overhaul of the external colour scheme and signage and an extension at ground floor level to provide additional food and beverage facilities, subject to planning. Fort Dunlop, Fort Parkway, Birmingham, B24 9FD

5 Proposal invited Urban Splash Limited s preference is to lease the hotel to a new hotel operator on broadly institutional terms. However, management contract proposals will be considered if supported by a robust business plan. Interested parties are invited to contact GVA to discuss the opportunity in further detail. No direct approach may be made to the business. Wolverhampton Walsall Toll Spitfire Island Coming from South For further information or an appointment to view please contact Dudley Oldbury West Bromwich M5 Sutton Coldfield A452 Fort Dunlop 5 A452 Ben Brown ben.brown@gva.co.uk James Williamson james.williamson@gva.co.uk Halesowen M5 Birmingham Birmingham International Airport Solihull 6 Coming from North A5127 ston Expressway M5 Redditch M40 gva.co.uk/5706

6 London West End 10 Stratton Street London W1J 8JR London City 80 Cheapside London EC2V 6EE Belfast Rose Building Third Floor 16 Howard Street Belfast BT1 6PA Birmingham 3 Brindleyplace Birmingham B1 2JB Bristol St Catherine s Court Berkeley Place Bristol BS8 1BQ Cardiff One Kingsway Cardiff CF10 3AN Glasgow 206 St Vincent Street Glasgow G2 5SG Leeds City Point First Floor 29 King Street Leeds LS1 2HL Liverpool Mercury Court Tithebarn Street Liverpool L2 2QP Manchester 81 Fountain Street Manchester M2 2EE Newcastle Central Square Forth Street Newcastle upon Tyne NE1 3PJ Edinburgh Quayside House 127 Fountainbridge Edinburgh EH3 9QG For further information or an appointment to view please contact Ben Brown ben.brown@gva.co.uk Published by GVA - 10 Stratton Street, London W1J 8JR 2012 Copyright GVA GVA is the trading name of GVA Grimley Limited and is a principal shareholder of GVA Worldwide, an independent partnership of property advisers operating globally gvaworldwide.com James Williamson james.williamson@gva.co.uk GVA Grimley Limited Conditions under which Particulars are issued GVA Grimley Limited for themselves, for any joint agents and for the vendors or lessors of this property whose agents they are, give notice that:1.) The particulars are set out as a general outline only for the guidance of intending purchases or lessors and do not constitute, nor constitute part of, an offer or contract. 2.) All descriptions, dimensions, references to condition and necessary permission for use and occupation, and other details, are given in good faith and are believed to be correct but any intending purchasers or tenants should not rely on them as statements or representations of fact but satisfy themselves by inspection or otherwise as to the correctness of each of them. 3.) No person in the employment of GVA Grimley Limited or any joint agents has any authority to make or give any representation or warranty whatever in relation to this property. 4.) All rentals and prices are quoted exclusive of VAT. Reproduced by courtesy of the Controller of HMSO. Crown Copyright reserved. Licence No If applicable, with consent of Chas E Goad, Cartographers, Old Hatfield, Geographers A-Z Map Co Ltd and/or The Automobile Association. For identification purposes only. November gva.co.uk/investment

65/71 Lewisham High Street, London SE13 5JX

For and on behalf of R J Goode & R S Morgan the Joint LPA Receivers Investment Opportunity 65/71 Lewisham High Street, London SE13 5JX For Sale Investment Opportunity Executive Summary Landmark building