HERBERT HOUSE CORNWALL STREET. BIRMINGHAM VACANT FREEHOLD FOR SALE APPROXIMATELY 52,000 SQ FT

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Maximilian Hicks
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1 HERBERT HOUSE CORNWALL STREET. BIRMINGHAM VACANT FREEHOLD FOR SALE APPROXIMATELY 52,000 SQ FT

3 Herbert House, situated in the heart of Birmingham s historic Central Business District, is a landmark city centre office building of approximately 52,053 sq ft (4,836 sq m). Occupying a site of approximately acres (0.129 hectares), this currently vacant commercial property offers a unique opportunity for redevelopment or refurbishment.

LOCATION - BIRMINGHAM A leading European business destination, Birmingham and the surrounding region is home to 75,000 companies, nearly 1,200 of which are international firms.

4 LOCATION - BIRMINGHAM A leading European business destination, Birmingham and the surrounding region is home to 75,000 companies, nearly 1,200 of which are international firms. The largest UK regional economy with a GDP of 96 billion, including 23 billion from the business, professional and financial services sectors (the largest regional BPFS sector in the UK). Birmingham s population is over 1.07 million with 4.3 million people of working age living within an hour s drive of the city centre, making it one of the largest catchment pools in the UK. Birmingham is ranked as Europe s youngest city with under 25 year olds accounting for 40% of the city s population.

MIDLAND METRO GRAND CENTRAL INFRASTRUCTURE Birmingham is at the centre of ambitious infrastructure plans with 18 billion allocated for investment by 2026.

Street Station, with future phases due to carry passengers to Centenary Square and Digbeth.

5 MIDLAND METRO GRAND CENTRAL INFRASTRUCTURE Birmingham is at the centre of ambitious infrastructure plans with 18 billion allocated for investment by This includes the recently completed, 600 million transformation of New Street Station, including a new concourse, the Grand Central shopping centre and the largest John Lewis store outside of London. Intra-city connectivity is being greatly improved through the 127 million extension to the Midland Metro network, the first phase of which links Snow Hill to New Street Station, with future phases due to carry passengers to Centenary Square and Digbeth. A recent extension to the runway at Birmingham Airport has increased the range of direct flights to the West Coast of America and the Far East. The first phase of the HS2 High Speed Rail link, connecting London to Birmingham, is due to be completed in 2026, reducing journey times from London Euston to a new station at Curzon Street in Eastside to 49 minutes, with up to 14 trains per hour.

6 LOCATION - NATIONAL Birmingham is at the geographic centre of the UK, 120 miles north west of London and 87 miles south of Manchester, and is the major commercial centre for the West Midlands region. A location with outstanding connectivity, Birmingham acts as a hub for road, rail and air connections, placing 90% of the UK population within a four hour travel time. BELFAST INTERNATIONAL AIRPORT ROAD The A38 runs through Birmingham City Centre, linking directly to the M42 and M6 motorways which in turn provide access to the M1, M40 and M5 motorways and on to the wider network. DUBLIN AIRPORT NEW YORK RAIL DUBLIN Birmingham s three key railway stations New Street, Snow Hill, and Moor Street are all within a few minutes walk of the CBD, providing direct access to stations throughout the UK and with London Euston just 90 minutes away. A brand new dedicated HS2 station will be constructed at Curzon Street, adjacent to Moor Street Station and just a 10 minute walk from Herbert House, with completion due in AIR Birmingham Airport is 15 minutes from New Street Station by train. The recently completed runway extension has opened up direct routes to the West Coast of the United States, China and India, boosting the airport s global connections to over 140 destinations. MAP KEY Motorways Railway Lines HS2 Phase One HS2 Phase Two

MIDLANDS AIRPORT Leicester Norwich BIRMINGHAM BIRMINGHAM AIRPORT M6 M42 COVENTRY AIRPORT M1 Cambridge M5 M40 LUTON AIRPORT M25 DUBAI

7 BARCELONA M90 GLASGOW EDINBURGH AIRPORT M77 M8 EDINBURGH M74 M6 EDINBURGH NEWCASTLE UPON TYNE A1(M) Darlington 90% OF THE UK POPULATION LIVE WITHIN A FOUR HOUR TRAVEL TIME OF BIRMINGHAM BELFAST Preston LEEDS Hull M62 LIVERPOOL MANCHESTER LIVERPOOL AIRPORT M6 M1 EAST MIDLANDS AIRPORT Leicester Norwich BIRMINGHAM BIRMINGHAM AIRPORT M6 M42 COVENTRY AIRPORT M1 Cambridge M5 M40 LUTON AIRPORT M25 DUBAI Swansea M4 Swindon CARDIFF BRISTOL M4 LONDON HEATHROW AIRPORT M25 M3 M23 M26 GATWICK AIRPORT Folkestone M5 SOUTHAMPTON Exeter GENEVA PARIS Plymouth

7 1 2 3 LOCATION - LOCAL Located on the corner of Cornwall Street and New Market Street, Herbert House sits at the centre of Birmingham s Colmore Business District (CBD), formed from the traditional

8 LOCATION - LOCAL Located on the corner of Cornwall Street and New Market Street, Herbert House sits at the centre of Birmingham s Colmore Business District (CBD), formed from the traditional commercial location of Colmore Row and the surrounding area, and is also a part of the Colmore Row Business Improvement District (BID) High profile commercial occupiers in the immediate vicinity include RBS, Lloyds Bank, Eversheds, AXA, Mazars, HSBC, King Chambers, Clarke Wilmott and Squire Patton Boggs. This thriving commercial location is within easy walking distance of the city s main retail core, focussed around New Street, and the Bullring and Grand Central shopping centres. The Mailbox, with its abundance of luxury retailers, bars and restaurants is a short walk away, on the canal basin. 10 Bars and restaurants in the immediate vicinity include Opus Restaurant, Metro Bar & Grill and the Michelin-starred Purnells. Close to the city s major transport links, Herbert House is within a 15 minute radius of Snow Hill, New Street and Moor Street stations, benefits from a multitude of nearby bus routes and is positioned close to the A38, offering strong connections by car.

9 KEY LOCATIONS 1 Barclaycard Arena 2 Library of Birmingham 3 The Mailbox 4 John Lewis 5 New Street Station 6 Grand Central 7 Colmore Row 8 St. Philip s Cathedral 9 Snow Hill Station 10 Selfridges 11 Moor Street Station 10

THE BUILDING Extending to 52,053 sq ft (4,836 sq m) over ground and five upper floors, Herbert House is a unique combination of the historic and contemporary, with the building s original element

10 THE BUILDING Extending to 52,053 sq ft (4,836 sq m) over ground and five upper floors, Herbert House is a unique combination of the historic and contemporary, with the building s original element dating back over 100 years. Herbert House has generous floorplates of circa 8,500 sq ft, with upper floors arranged around a central light well and serviced by two lifts, with a separate goods lift at the rear of the building serving all floors. The internal specification of the building varies, with a number of areas benefitting from ramped raised floors and air conditioning cassettes while others have retained their original specification featuring solid floors and central heating. The ground floor includes a main reception area accessed from Cornwall Street, with plant and machinery located in the basement. The property is formed of brick and masonry construction under a flat roof with male and female toilets and kitchen facilities to all floors. ACCOMMODATION We understand that the property provides for the following approximate accommodation: Sq Ft Sq M Ground floor + Annex 10, First floor + Annex 8, Second floor 8, Third floor 8, Fourth floor 8, Fifth floor 7, Total 52,053 4,836

CONDITION All mains services are available to the property and prospective purchasers are advised to make their own enquiries of the relevant statutory providers.

11 CONDITION All mains services are available to the property and prospective purchasers are advised to make their own enquiries of the relevant statutory providers. Further information relating to the condition of the building can be found in the data room, details available upon request from the agents. EPC The property has a rating of D with a score of 96. TENURE The property is held freehold. HERBERT HOUSE IS A UNIQUE REDEVELOPMENT/ REFURBISHMENT OPPORTUNITY PLANNING The property is B1 (office use) and falls within Permitted Development Rights (PDR) legislation, creating potential for conversion to residential or student accommodation. We recommend that interested parties make their own enquiries with the Local Authority. The property is not listed and sits outside the Colmore Row and Environs Conservation Area. The site is not specifically allocated within the adopted Birmingham Unitary Development Plan (2005), or emerging Development Plan (expected to be adopted later in 2016), but is included within the city centre Growth Area of the Development Plan which will be the focus for housing, retail and office development. The existing temporary permitted development rights, to allow the change from office to residential use (subject to Prior Approval), was due to lapse in May 2016, but is expected to be made permanent and expanded to also allow for the demolition of office buildings for new build residential units (subject to prior approval and limitations).

I N D I C AT I VE FLOO R PL A NS G RO U N D FLO O R Do not scale this drawing - In all cases figured dimensions to be followed. All dimensions to be checked on site before work commences.

12 I N D I C AT I VE FLOO R PL A NS G RO U N D FLO O R Do not scale this drawing - In all cases figured dimensions to be followed. All dimensions to be checked on site before work commences. This drawing is the copyright of Cushman & Wakefield and may not be reproduced in part or in whole without prior written permission Notes Do not scale this drawing - In all cases figured dimensions to be followed. All dimensions to be checked on site before work commences. This drawing is the copyright of Cushman & Wakefield and may not be reproduced in part or in whole without prior written permission Notes Ground Floor FI R S T FLO O R No. 1 Colmore Square 4th Floor Birmingham B4 6AJ Tel: +44 (0) Fax: +44 (0) :200 Site Survey Cornwall Street, Birmingham NIA = 939 sq. m / sq ft Ground Floor Plan Total NIA = 4836 sq m / sq ft HK 1:200 Feb 2016 DR 01 No. 1 Colmore Square 4th Floor Birmingham B4 6AJ Tel: +44 (0) Fax: +44 (0)

13 Do no follow comm Th not b perm Note S ECO N D, T H I R D A N D F O U R T H F LO O R No. 1 Co 4th Floor Birmingh B4 6AJ Fourth Floor 1:200 NIA = 792 sq. m / 8525 sq ft Total NIA = 4836 sq m / sq ft Fifth Floor F I F T H F LO O R Tel: +4 Fax: +4

THE BIRMINGHAM MARKETS COLMORE SQUARE OFFICES Birmingham s office market experienced a record-breaking year in 2015, with 970,458 sq ft of space transacted, a 10% increase on the previous high,

63 million sq m), making it far larger than any other office centre in the region and giving it the critical mass to attract both regional and national occupiers.

14 THE BIRMINGHAM MARKETS COLMORE SQUARE OFFICES Birmingham s office market experienced a record-breaking year in 2015, with 970,458 sq ft of space transacted, a 10% increase on the previous high, recorded in The city centre has a total city centre office stock of circa 17.5 million sq ft (1.63 million sq m), making it far larger than any other office centre in the region and giving it the critical mass to attract both regional and national occupiers. However, approximately 10% of the city centre office stock was developed within the past decade and approximately 25% within the last 20 years. As a result, approximately 6.3 million sq ft (585,000 sq m) is considered Grade A accommodation and 10.7 million sq ft (995,000 sq m) is Grade B. PRIME OFFICE QUOTING RENTS ARE NOW AT 32 PER SQ FT Given the shortage of supply and the increased activity in the city centre, incentives are falling and rents are rising with prime quoting rents now at 32 per sq ft. Current Grade A supply is approximately 400,000 sq ft. At average take up this equates to 2 years supply. While there are some refurbishments currently underway, new pipeline development is not due to come on stream until 2018 /2019 at the earliest. Lease lengths for Grade A and refurbished Grade B is a minimum of 5 years for the sub-10,000 sq ft units, but tenants of larger space are taking 10 year leases in some cases, a trend that is expected to continue.

THE CUBE PARK CENTRAL RESIDENTIAL Redevelopment of properties from commercial to residential use has become particularly popular in recent years with notable examples including 1 Hagley Road and

Despite the current pipeline, the city is still short of supply, meaning that office to residential conversion is set to continue especially that the Government has announced an extension to

Up until now, the pipeline has been located in areas outside of Birmingham s CBD, so an office-to-residential conversion within the CBD will prove very popular to people wanting to be close to their

15 THE CUBE PARK CENTRAL RESIDENTIAL Redevelopment of properties from commercial to residential use has become particularly popular in recent years with notable examples including 1 Hagley Road and Broadway, Broad Street. Despite the current pipeline, the city is still short of supply, meaning that office to residential conversion is set to continue especially that the Government has announced an extension to permitted development rights (PDR). Up until now, the pipeline has been located in areas outside of Birmingham s CBD, so an office-to-residential conversion within the CBD will prove very popular to people wanting to be close to their offices and to the excellent transport links that this location provides. STUDENT MARKET Birmingham has a large student population and Herbert House is not far from University campuses so there is the possibility of creating new accommodation. Student numbers have risen considerably in recent years which has provided good rental growth and strong occupancy rates. LEGAL COSTS Each Party to bear their own legal and surveying costs incurred in the transaction. LOCAL AUTHORITY Birmingham City Council VAT We understand that the property is elected for VAT and therefore VAT will be payable on the purchase price. UNIVERSITY OF BIRMINGHAM

FURTHER INFORMATION Additional technical

password-protected data room, including:

Information Energy Performance Certificate Data

16 FURTHER INFORMATION Additional technical information is available for download from a password-protected data room, including: Floorplans (CAD) Title Information Asbestos Information Energy Performance Certificate Data room details are available upon request from the agents. PROPOSAL Our client seeks to sell the freehold of Herbert House with vacant possession. Offers are invited.

17 VIEWINGS Strictly by appointment with the sole agent, Cushman & Wakefield. David Rigby Associate Director Office Agency Cushman & Wakefield 1 Colmore Square Birmingham B4 6AJ Direct line: +44 (0) Mobile: +44 (0) david.rigby@cushwake.com David Tonks Senior Director Office Agency Cushman & Wakefield 1 Colmore Square Birmingham B4 6AJ Direct line: +44 (0) david.tonks@cushwake.com DTZ Debenham Tie Leung Limited (C&W) gives notice to anyone who may read these particulars as follows: 1.These particulars are prepared for the guidance only of prospective purchasers. They are intended to give a fair overall description of the property but are not intended to constitute part of an offer or contract. 2. Any information contained herein (whether in the text, plans or photographs) is given in good faith but should not be relied upon as being a statement or representation of fact. Any potential purchaser, lessee or third party should satisfy themselves by inspection or otherwise as to the correctness of each of them. 3. Nothing in these particulars shall be deemed to be a statement that the property is in good condition or otherwise nor that any services or facilities are in good working order. 4 The photographs appearing in this brochure show only certain parts and aspects of the property at the time when the photographs were taken. Certain aspects may have changed since the photographs were taken and it should not be assumed that the property remains precisely as displayed in the photographs. Furthermore no assumptions should be made in respect of parts of the property which are not shown in the photographs. 5. Any areas, measurements or distances referred to herein are believed to be correct but their accuracy is not guaranteed and they do not form part of any contract. 6. Where there is reference in these particulars to the fact that alterations have been carried out or that a particular use is made of any part of the property this is not intended to be a statement that any necessary planning, building regulations or other consents have been obtained and these matters must be verified by any intending purchaser. 7. Descriptions of a property are inevitably subjective and the descriptions contained herein are used in good faith as an opinion and not by way of statement of fact. As of September 1, 2015, DTZ and C&W have combined under a new common brand. Notwithstanding our new branding, our underlying legal entities have not changed, including their names. Designed and produced by Core. Telephone: February 2016

106,890 sq ft 9,930 sq m

WESTERN APPROACH BRISTOL BS35 4GG TO LET/FOR SALE B2/B8 OPPORTUNITY 106,890 sq ft 9,930 sq m IMMEDIATELY AVAILABLE FOR OCCUPATION A BRAND NEW DISTRIBUTION WAREHOUSE/MANUFACTURING UNIT ON THE SOUTH WEST