FOR SALE / MAY LET
Investment Summary The former Carillion headquarters office building is prominently located in Wolverhampton city centre, overlooking the Chapel Ash Island on the Wolverhampton Ring Road (A4150) The property is well connected - the A4150 dual carriageway provides direct access to the main site entrance via Salop Street Situated in close proximity to Wolverhampton s principal city centre business, retail and leisure offer Main site comprising a detached office building extending to circa 37,388 sq ft, arranged over ground and five upper floors, with 32 car parking spaces, and site area of 0.65 acres Additional site comprising a secure surface car park, with 58 spaces, and site area of 0.46 acres. The site is some 250 metres south west of the property fronting Stephenson Street adjacent to Sainsbury s supermarket The building provides open plan accommodation and would suit occupation as a whole, on a floor by floor or part floor basis Comprehensively refurbished in 2015 90 car parking spaces provide a favourable parking ratio of 1:415 sq ft The property s open plan layout would suit conversion to a variety of alternative uses, including residential, hotel and student accommodation, subject to planning Additional site fronting Stephenson Street provides development potential for a variety of alternative uses, subject to planning The property is let Carillion Construction Limited until 15 April 2030, at a rent of 437,405 per annum. Carillion entered into compulsory liquidation on 15 January 2018 and PwC have been appointed as liquidators Freehold and due to be available with vacant possession, following Carillion s ongoing liquidation. The building is still currently occupied and PwC have paid the March quarters rent in full We are instructed to seek offers in excess of 3,000,000 subject to contract and exclusive of VAT. A purchase at this level reflects a low capital value of 80.24 per sq ft, assuming standard purchaser costs. 02
Location & Situation Wolverhampton has a population of 256,600 and is the second largest city within the West Midlands conurbation. located 17 miles north west of Birmingham the city forms a key centre within the densely populated Black Country region. Wolverhampton benefits from excellent road communications, with Junction 10 of the M6 Motorway 5 miles to the east and Junctions 1 and 2 of the M54 Motorway 4 miles to the north. Wolverhampton s railway station is situated 0.6 miles north west of the property and provides direct access to London and Birmingham New Street, with journey times of 1 hour 48 minutes and 16 minutes respectively. Carillion House is a prominently located in Wolverhampton city centre next to Chapel Ash Island a major roundabout on the A4510 Wolverhampton ring road. The A4150 dual carriageway, which bounds the property to the west, provides direct access to the main site entrance via Salop Street and affords unrivalled road connectivity. A4150 RING ROAD ST ANDREWS A4150 RING ROAD ST PETERS M54 A4150 RING ROAD ST PATRICKS A4150 RING ROAD ST DAVIDS WOLVERHAMPTON STATION M6 Situated in close proximity to Wolverhampton s principal city centre business, retail and leisure offer, Carillion House is ideally located to capitalise on the city s various amenities and forthcoming Westside development, which will comprehensively regenerate the immediate surrounding area and directly benefit the property. A41 CHAPEL ASH WOLVERHAMPTON CITY CENTRE MANCHESTER LIVERPOOL M6 M54 SHREWSBURY MANCHESTER AIRPORT EAST MIDLANDS AIRPORT SHEFFIELD M42 M1 WOLVERHAMPTON A4150 RING ROAD ST MARKS ADDITIONAL SITE A4150 RING ROAD ST JOHNS A4150 RING ROAD ST GEORGES BIRMINGHAM BIRMINGHAM AIRPORT M6 M69 COVENTRY Westside development sites M5 M40 M1 LUTON Wolverhampton Westside Development HEATHROW M25 LONDON The property is directly adjacent to the forthcoming 55,000,000 Westside development, which encompasses land between Penn Road and Darlington Street. The proposed development will deliver 150,000 sq ft of retail and leisure space, cinema, hotel and 300 new homes. 03
Description Main Site Carillion House is a prominent headquarters office building extending to 37,388 sq ft and provides open plan accommodation arranged around three core areas. 32 car parking spaces are provided. The building would suit occupation as a whole, on a floor by floor or part floor basis. The property s open plan layout would also suit a variety of alternative uses, including residential conversion, subject to planning. Floor Area (Sq M) Area (Sq Ft) Ground Floor 524.85 5,650 1st Floor 519.27 5,589 2nd Floor 688.84 7,415 3rd Floor 684.10 7,364 4th Floor 528.24 5,686 5th Floor 528.24 5,684 Floor 3,473 37,388 The whole building was comprehensively refurbished in 2015 and comprises modern, well specified, accommodation that includes: Additional Site Comprises a secure surface car park, with 58 spaces, and site area of 0.46 acres. The site is some 250 metres south west of the property fronting Stephenson Street adjacent to Sainsbury s supermarket and offers additional development potential. Feature reception and entrance area Passenger lifts serving all floors VRV air handling system Suspended ceilings incorporating mix of LED and recessed lighting Perimeter trunking Kitchen/break-out areas on each office floor Male and female WCs on each office floor 04
9 27a to 41 136.9m 3 LB 1 Bank 134.1m 8 18 135.3m 135.9m Marstons House 135.6m Def CR CHAPEL ASH ISLAND Subway Def Car P 138.7m ESS PEEL STREET 103 Shelte ard Bdy CR CHAPEL ASH 38 32 26 24a to 24c 10 to 16 Subway 24 Subway Car Park St Mark's Coniston House RAGLAN STREET Club ST MARK'S STREET ST MARK'S ROAD 84 STEPHENSON STREET Line Of Posts RING ROAD ST MARKS Ward Bdy CR Shelter C 0m 25m 50m 75m Tenure Freehold Tenancy The property is due to be available with vacant possession following Carillion s ongoing liquidation. The property is let Carillion Construction Limited until 15 April 2030, at a rent of 437,405 per annum. Carillion entered into compulsory liquidation on 15 January 2018 and PwC have been appointed as liquidators. Carillion remain in occupation and PwC have paid the March quarter s rent in full. EPC Carillion House has an EPC rating of C-64. The Energy Performance Certificate is available to view upon request. VAT The property has been elected for VAT. It is anticipated the sale will be treated as a Transfer of a Going Concern (TOGC). 05
Proposal We are instructed to seek offers in excess of 3,000,000 subject to contract and exclusive of VAT. A purchase at this level reflects a low capital value of 80.24 per sq ft, assuming standard purchaser costs. Contact For further information or to arrange a viewing please contact the joint agents; 45 Church Street Birmingham B3 2RT Ben Kelly 0121 634 6527 ben.kelly@eu.jll.com 43 Bell Place Wolverhampton WV2 4LY Noel Muscutt 01902 778588 noel.muscutt@bulleys.co.uk Nick Wood 0121 634 6549 nicholas.wood@eu.jll.com James Bird 01902 778581 james.bird@bulleys.co.uk Crown Copyright 2017. All rights reserved. Promap licence number 100020449. Jones Lang LaSalle licence number 100017659. This plan is published for the convenience of identification only and although believed to be correct is not guaranteed and it does not form any part of any contract. Disclaimer - JLL and Bulleys for themselves and for the vendors or lessors of this property whose agents they are, give notice that:- a. the particulars are set out as a general outline only for guidance and do not constitute, nor constitute part of, an offer or contract; b. all descriptions, dimensions, references to condition and necessary permissions for use and occupation, and other details are believed to be correct, but any intending purchasers, tenants or third parties should not rely on them as statements or representations of fact but satisfy themselves that they are correct by inspection or otherwise; c. no person in the employment of JLL and Bulleys has any authority to make or give any representation or warranty whatever in relation to the property; d. Any images may be computer generated. Any photographs show only certain parts of the property as they appeared at the time they were taken. For properties in Scotland: e. This correspondence is expressly subject to completion of formal legal missives in accordance with Scots Law Copyright Jones Lang LaSalle IP Inc April 2018. All rights reserved.