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RAMSDEN HOUSENEW STREET, HUDDERSFIELD, HD1 2TW

PRIME FREEHOLD ASSET MANAGEMENT AND STUDENT CONVERSION OPPORTUNITY

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EXECUTIVE SUMMARYHuddersfield is a well located commercial centre in West Yorkshire with an extensive catchment population of over 286,000 people

The town benefits from excellent road communications with easy access from the M62 and the M1 motorways

Property occupies a prominent situation in the heart of the retail core within the town centre

Freehold standalone block

C.40,000 sq ft (NIA) scheme which is arranged as a two storeyretail scheme with Ramsden House comprising a 5 storey officebuilding above

Current income of approx £250,000 pa from a range of retailers including Betfred, Eye Clinic, British Heart Foundation, CEX and Poundland

Significant asset management opportunity to re-purpose the offices into high quality student accommodation and successfully reposition the retail scheme by improving lettability and driving rents.

Kirklees Council is currently undertaking significant regeneration to the town under its £250m Huddersfield Town Centre Masterplan. Kirklees Council has recently acquired Piazza Shopping Centre, which is due to be demolished to create a new vibrant Cultural, Leisure Quarter and urban public park in the heart of the town.

Offers in excess of £2,000,000 are invited for the Freehold Interest which equates to a low underlying value of £50 per sq ft.

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SITUATION The property is prominently located within Huddersfield town centre bounded by New Street, Ramsden Street and Corporation Street, being adjacent to the Town Hall, Library and Art Gallery and the town’s main shopping district. The main bus station is situated only a few minutes’ walk away and various car parks are available in the immediate vicinity. The campus of University of Huddersfield is located 0.2 miles to the east and is easily accessible on foot.

RAMSDEN HOUSE

BUS STATION

TRAIN STATION

TOWN HALL

QUEENSGATE MARKET

LIBRARY & ART GALLERY

PACKHORSE SHOPPING CENTRE

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LOCATIONHuddersfield is the principal town in the Kirklees district of West Yorkshire and is located approximately 16 miles south west of Leeds and 28 miles north east of Manchester. The town is strategically located to connect to the national motorway network, with direct access to Junctions 23, 24 and 25 of the M62. This is the major east to west route in the north of England and interchange for connections with the M6, M1, A1(M) and M18. Proximity to the M62 also provides excellent access to the Ports of Liverpool and Kingston Upon Hull.

Huddersfield Railway Station is located approximately 0.4 mile (7 minute walk) to the north of the property, which forms one of the most used stations within the TransPennine rail network. It provides direct services to Manchester and Liverpool with a fastest journey time of approximately 35 minutes and 1 hour 5 minutes respectively.

MANCHESTER

M62

HUDDERSFIELD

LEEDS

LIVERPOOL

PRESTON

BOLTON

SHEFFIELDTHE PEAKDISTRICT

M56

M62

M60

M1

M60

M61

M602

M58

M57

M6

M6

J23J24

J25

1 HR30 MINS

40 MINSA

62

CA

STLE

GA

TE

A640TRINITY ST

A629NEW

NRD

FITZWILLIAM ST

JOH

N W

ILLIAM

ST

NORTHUMBERLAND ST

LEEDS RD

WESTGATE

NEW

ST

ALB

ION

ST

SOU

THG

ATE

QU

EEN

SGA

TE

A62

A62

HUDDERSFIELDTOWN CENTRE

BUS STATION

QUEENSGATEMARKET

KINGSGATESHOPPING

CENTRE

PACKHORSESHOPPING

CENTRE

TRAIN STATION

TOWNHALL

RAMSDEN HOUSE

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DESCRIPTIONThe building is situated adjacent to Huddersfield Town Centre Conservation Area. Ramsden House is currently comprised of two storeys of retail accommodation at ground and first floor. The second to sixth floors are office accommodation. It also has a basement storey that serves both the retail and office accommodation with shared parking (c.12 spaces) and servicing facilities. Access is provided via a security bollard and service ramp from Corporation Street. The retail units to the ground and first floors predominantly face on to New Street and Ramsden Street. New Street is an extremely busy pedestrianised shopping street within Huddersfield Town Centre and links Queensgate to the town centre to the North. Other retail units are located off Corporation Street to the rear.

The scheme is situated in the heart of the retail core in Huddersfield Town centre and scheme occupiers include Betfred, Poundland, Holland & Barratt, CEX and British Heart Foundation.

The five storey office is accessed via a dual aspect lobby access from New Street and Corporation Street and is served by a passenger lift to all floors. The office suites are arranged over the second to the sixth floors and comprise predominantly open plan accommodation and benefit from a good specification throughout including carpet floor-coverings, suspended ceilings incorporating Cat II lighting, gas central heating, perimeter trunking, air conditioning and kitchenette and W/C provision.

The office block benefits from planning consent dated January 2021 to convert into 45 studio apartments.

Ramsden House comprises a prominent standalone substantial eight storey Freehold building of reinforced steel construction.

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ACCOMMODATION

FLOOR SQ M SQ FT

Basement N/A N/A

Ground & First Floor 2,401.05 25,845

Ramsden House – Second Floor 257.06 2,767

Ramsden House – Third Floor 262.63 2,827

Ramsden House – Fourth Floor 263.37 2,835

Ramsden House – Fifth Floor 260.40 2,803

Ramsden House – Six Floor 261.14 2,811

TOTAL 3,705.65 39,888

The overall net lettable area of the scheme is outlined below (NIA basis)

PLANNING The property is not Grade II listed and not located within a conservation area. Ramsden House benefits from planning consent to convert the office block into 45 residential studios. Planning consent was granted on 22nd January 2021 under reference 2019/62/92983/W for Change of use and alterations to offices (class B1) to form 45 studio apartments for students (sui generis use) and change of use of ground and first floor units to gym (class D2), flexible A1/A3/A5 use and ancillary student facilities along with associated external alterations and installation of roof top plant.

All the planning documentation is available on request. For further information please contact Kirklees Council’s Planning Department on 01484 221000.

TITLE Freehold

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TENANCY SCHEDULEUnit Status Unit Description Tenant Name Lease Start Date Lease Expiry Date LTA 1954 Lease Term Next Option

DateWhose Option

Passing Rent Area (SQ FT)

Rateable Value (1st April 2017)

EPC Notes

Occupied 73 New St Max Spielmann Limited

26/04/2012 25/04/2022 Y 10 yrs £24,000 954 £17,750 D S25 Served for new lease.

Vacant 75 New St £0 887 £17,750 B

Occupied 77 New Street & 2-4 Ramsden Street

Done Brothers (Cash Betting) Limited

25/09/2015 24/09/2025 Y 10 yrs £50,000 3,687 £51,500 B

Occupied 79 New St The Eye Clinic (Huddersfield) Ltd

19/05/2021 18/0152026 N 5 yrs £20,000 1,974 £23,750 D

Vacant 81 New St £0 641 £12,750 D Proposed residential entrance and lobby for student accommodation

Vacant 83 New Street - 2nd Floor

£0 2,767 £20,500 D

Vacant 83 New Street - 3rd Floor

£0 2,827 £19,625 D

Vacant 83 New Street - 4th Floor

£0 2,835 £19,625 D

Occupied 83 New St, 5th Floor

Pearson Professional (T/A DSA)

25/12/2020 24/12/2022 N 2 £18,800 2,803 £19,500 D

Vacant 83 New St, 6th Floor

£0 2,811 £19,500 D

Vacant 85-87 New St & 2 Corporation S

£0 4,407 £52,500 C Proposed café / bar unit

Occupied 89-91 New St Poundland Limited 13/01/2020 12/01/2022 N 2 yrs 13/04/2020 Mutual £9,000 4,030 £53,000 C Proposed gym

Occupied 93 New St Taimur Hussain & Taher Mahood Hussain

09/10/2017 08/10/2024 Y 7 yrs 08/10/2019 Tenant £20,000 1,177 £19,750 D

Occupied 95 New St Holland and Barrett Ltd

24/06/2012 23/06/2022 Y 10 yrs £30,000 2,031 £24,000 D

Occupied 97 New St CEX (Franchising) Limited

25/12/2017 24/12/2027 Y 10 yrs 25/12/2022 Tenant £30,000 1,981 £27,000 C

Occupied 99 New St British Heart Foundation

26/11/2012 25/11/2022 Y 10 yrs £27,000 1,389 £23,000 G

Occupied 99 New Street- Licence

British Heart Foundation

07/06/2013 25/11/2022 N 9 yrs 5 mths £100 0 £0 G

Occupied 101 New St The People's Meeple Ltd

17/10/2019 16/10/2024 N 5 yrs 16/10/2021 Tenant £25,000 2,685 £27,500 E

£254,405 39,888

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REDEVELOPMENT OPPORTUNITY PROPOSED STUDIO SCHEME Ramsden House can be redeveloped with limited impact on the retail trading element. For clarity the residential entrance, café and the proposed gym space and café are to be located on New Street (for maximum visibility) in units 81 New Street (currently vacant), 85-87 New Street (vacant and ex Shoe Zone) and 89 – 91 New Street respectively (Poundland – still in occupation but rolling Landlord break on 6 weeks notice).

We outline below the proposed Accommodation Breakdown:

Studio Type Size No of Units

Small Studio 19 – 22 sq m 25

Medium Studio 24-25 sq m 15

Large Studio 31 sq m 5

Total 45

INDICATIVE FLOOR PLANS

THIRD FLOOR ACCOMMODATION (ABOVE RIGHT)

GROUND FLOOR (RIGHT)

CGI: PROPOSED RAMSDEN HOUSE STUDENT CONVERSION

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HUDDERSFIELD MARKET

CATCHMENT & DEMOGRAPHICSThe Kirklees district, of which Huddersfield is the primary town and administrative centre has a primary catchment population of 286,000 people and a shopping population of 239,000 people, ranking the town 34th by PMA out of the top 200 retail towns in the UK. The ONS estimates there are 397,758 people living within a 20 minute drive time.

ECONOMY One of the largest economies in the Leeds City Region, the economy of Huddersfield is reportedly with £5.7 billion. This is largely due to Huddersfield’s successful evolution from a historical industrial town to a modern manufacturing epicentre producing electricals, textiles and chemicals. The University of Huddersfield is the largest single employer in the to wn, and the economy thrives on input from the public service sector and the manufacturing industry.

Football is the major spectator sport in the town and Huddersfield Town AFC play in the Championship. As a result, they attract high volumes of tourism to the town, benefiting the local economy.

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IMAGE 1Victoria Tower

IMAGE 2Harold Wilson Statue Huddersfield Train Station

IMAGE 3Huddersfield Town AFC Stadium

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HUDDERSFIELD MARKETCONTINUED

THE UNIVERSITY OF HUDDERSFIELD The University of Huddersfield was established in 1992 and according to HESA has over 20,400 students. It has world-leading applied research groups in biomedical sciences, engineering and physical sciences, social sciences and arts and humanities. The university was ranked 64th out of 121 in the Guardian’s Good University Guide 2021. We understand the university has invested significantly in their estate over the last 5 years and offers a decent standard of newly developed facilities and refurbished buildings on campus.

PURPOSE BUILT STUDENT ACCOMMODATION (PBSA)Excluding university halls of residence, Huddersfield offers an overall supply of 4,862 purpose built student accommodation beds arranged over 17 schemes. A number of larger developments including Host Students at Snow Island and IQ’s Aspley House and Castings which are located to the south of the town centre.

According to CBRE research there are circa 230 beds in the construction pipeline. This still leaves an unmet PBSA pipeline 0f 1,368. We note from recent research 93% of these student accommodation beds were constructed in 2015 or pre 2015. Further analysis suggests that 80% of this accommodation supply are ensuite clusters, 10% are non ensuite cluster rooms with the remaining 10% comprising studio’s. It is therefore considered there is a significant opportunity to further develop ultra modern high-quality student studio accommodation in the town centre going forward.

COMPETING STUDIO SCHEMES

Operator Name Property Name Room Type Sub Classification Tenancy Min Per Week

IQ Little Aspley House Studio Bronze 48 £205

IQ Castings Studio Gold 51 £199

IQ Aspley House Studio Silver 51 £211

Sasco Bloomfield House Studio Executive Plus 48 £155

Sacso Courtyard – Block A Studio Executive 48 £150

Sasco Courtyard – Block B Studio Executive Gold 48 £160

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IMAGES 4 & 5The University of Huddersfield

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THE HUDDERSFIELD BLUEPRINTKirklees Council announced the Huddersfield Blueprint in 2019. The £250m regeneration project is a 10 year plan aimed at creating at thriving, modern-day town centre. The Blueprint was made a Supplementary Planning document in May 2020. REGENERATION

The Blueprint focuses on regenerating six key areas, including a new Cultural Heart in the Queensgate and Piazza district, that neighbours Ramsden House. The plans will transform the immediate vicinity and the new cultural development will include a new library, art gallery, museum and live music venue. The plans also propose removing some of the Piazza shopping centre, recently bought by the council, to create a large open space. The other key areas that will benefit are; Station Gateway, St Peter’s, Kingsgate and King Street, New Street and The Civic Quarter.

OBJECTIVES The plan aims to deliver five key objectives for Huddersfield Town Centre:

A vibrant culture

Art, Leisure and Nightlife offer

Thriving businesses

A great place to live

Improved access and enhanced public spaces.

PLANS UNDERWAY The Blueprint plans are now in motion with the redevelopment of the former Co Op building on New Street which has been funded in partnership with Kirklees council and the Property Investment Fund. The nature of the PIF means that the council can fund priority capital schemes that meet wider strategic regeneration benefits.

RAMSDEN HOUSE The property presents an opportunity to capitalise on a freehold asset management and redevelopment play that will benefit directly from the ongoing regeneration of the New Street, Queensgate and Piazza districts. The Blueprint initiative will support investment and long-term growth, attracting people and business to the town centre, which will in turn add value to key strategic sites such as Ramsden House.

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FURTHER INFORMATION

GUIDE PRICEOffers in excess of £2,000,000 are invited for the Freehold Interest which equates to an underlying value of £50 per sq ft.

VATShould the sale of the property or any right attached to it be deemed a chargeable supply for VAT purposes, such tax will be payable by the purchaser in addition to the sale price.

DATA ROOM Access the Virtual Dataroom “VDR” will be provided to interested parties to access additional due diligence documentation which will include relevant survey reports, construction information, costs market data, detailed floor plans, accommodation schedules, planning consent documentation and trading performance date and any other relevant Vendor Due Diligence “VDD” in order to complete a transaction with the Vendors.

Access to the VDR will be made available to pre-qualified parties who have executed an NDA.

SERVICESWe understand the property is connected to all main services.

EPC’SEPC certificates are available on request. Please refer to the tenancy schedule for individual designations.

RATEABLE VALUESPlease refer to the tenancy schedule for individual designations.

TUPEThe purchaser will be required to comply with the relevant legislation in respect of current employees. We understand the site employs a full time caretaker.

VIEWINGS CBRE will provide the opportunity to formally inspect the site, subject to local lockdown restrictions.

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CONTACTS For further information please contact:

NICK HUDDLESTON MRICS07791 251745nick.huddleston@cbre.com

SAM POTRYKUS MRICS07554 417 992sam.potrykus@cbre.com

DISCLAIMER: CBRE Limited on its behalf and for the Vendors or Lessors of this property whose Agents they are, give notice that: 1. These particulars are set out as a general outline only for guidance to intending Purchasers or Lessees, and do not constitute anypart of an offer or contract. 2. Whilst CBRE Limited uses reasonable endeavours to ensure that the information in these particulars is materially correct, any intending Purchasers, Lessees or Third Parties should not rely on them as statements or representations of fact,but must satisfy themselves by inspection, searches, enquiries, surveys or otherwise as to their accuracy. CBRE Limited as such cannot be held responsible for any loss or damage without limitation, indirect or consequential loss or damage, or any loss of profits resultingfrom direct or indirect actions based upon the content of these particulars. 3. No person in the employment of CBRE Limited has any authority to make any representation or warranty whatsoever in relation to this property. 4. Unless otherwise stated, all purchaseprices and rents are correct at the date of publication and, unless otherwise stated, are quoted exclusive of VAT. Lease details and service ground rent (where applicable) are given as a guide only and should be checked and confirmed by your solicitor prior toexchange of contracts.

© CBRE JUNE 2021 www.cbre.co.uk