THE QUADRANT ALCESTER STREET | REDDITCH | …...HEADING ALCESTER STREET | REDDITCH | B98 8AE BLOCK 1...

F O R S A L E | F R E E H O L D

A L C E S T E R S T R E E T | R E D D I T C H | B 9 8 8 A EB L O C K 1

T H E Q U A D R A N T

PROPERTY REF: 14878MIXED USE EXISTING BUILDING WITH DEVELOPMENT POTENTIAL (STP)

H E A D I N G



H I G H L I G H T S

y Freehold site extending to 0.79 acres (0.32 hectares) gross

y Existing net income totalling £156,230.72 per annum

y Potential residential development opportunity (STP)

y Redditch Town Centre location

y Offers invited for the freehold interest





L O C AT I O N

Redditch is a town in north east Worcestershire that was designated a ‘New Town’ in 1964.

Redditch is located 18 miles south of Birmingham, 25 miles north east of Worcester and 115 miles north west of London. The town benefits from excellent transport links, being located 4.5 miles south of Junction 2 of the M42 motorway. Redditch train station is located approximately 0.3 miles or a 10 minute walk from the subject property and provides a direct and regular service to Birmingham New Street with a fastest journey time of approximately 35 minutes. The closest airport is Birmingham International Airport, approximately 19 miles to the north east.

The Property is located on Alcester Street, adjacent to the Palace Theatre, and is a short walk from town centre amenities including the Kingfisher Shopping Centre where occupiers include H&M, Boots, M&S and Next. Alcester Street is also a short distance from the Trafford Retail Park and Heart of Worcestershire College.

Approximate boundaries for identification purposes only.

Block 1, The Quadrant, Alcester Street, Redditch, B98 8AE

Ordnance Survey © Crown Copyright 2019. All rights reserved. Licence number 100022432. Plotted Scale - 1:175000

THE PROPERTY





L E G E N D

1 Heart of Worcestershire College

2 Redditch Library

3 Kingfisher Shopping Centre

4 Block 1, The Quadrant | The Property

5 Lidl

6 Dunelm

7 Redditch Borough Council

8 Trafford Retail Park

1

2

3

4

5

6

7

8

2

3

5 6

7

81

RAILWAY STATION: 10 MINUTES’ WALK 4





D E S C R I P T I O N

The existing building consists of 31,519 sq ft of retail and leisure space across the ground and first floors. The Property benefits from a service yard and car park which links into Grove Street.

The property was measured formally by Lane & Frankham in September 2015 in accordance with the relevant code of measuring practice at the time (6th Edition). The report is available on request.

Posts

Cycle Pat

ay

Walter

RED LION STREET

SILV

GROVEST

REET

Fountain Passage

StranzSquare

Bank

PalaceTheatre

Town Hall

Car Wash

Shelter

GROVEST

REET

QUEEN

STRE

ET

Alcester Street

ESS

9

Station

1

Police

3

11

7

MagistratesCourts

15

17

South East Quadrant

Threadneedle House

(Government Offices)

PHEl SubSta

0m 10m 20m 30m

Approximate boundaries for identification purposes only.

Block 1, The Quadrant, Alcester Street, Redditch, B98 8AE

Ordnance Survey © Crown Copyright 2019. All rights reserved. Licence number 100022432. Plotted Scale - 1:1250

The survey provides the following Net Internal Floor areas:

AREAS SQ FT

UNIT TYPEGROUND FLOOR ITZA

FIRST FLOOR

1A Retail (NIA) 10,110 2,083 –

1B Restaurant (NIA) 1,938 1,454 –

1D Leisure (GIA) 2,179 – 17,292

TOTAL 14,227 – 17,292



Indicative boundaries for identification purposes only.



E X I S T I N G O C C U P I E R S

UNIT TENANT TRADING ASLEASE START

LEASE EXPIRY

NEXT REVIEW

PASSING RENT

SERVICE CHARGE (18/19)

INSURANCE (18/19) COMMENTS

1A The Quadrant Alcester Street

Instore Plc Poundstretcher (not in occupation)

09/06/1999 08/06/2019 – £102,400 £6,642 £2,968

1B The Quadrant Alcester Street

Mujibar Rahman Rilys Indian Restaurant

26/05/2007 29/05/2032 29/05/2017 £25,000 £1,379 £616

1D The Quadrant Alcester Street

Mirage Leisure Ltd* Shipleys Bingo 04/04/1999 03/07/2024 04/04/2019 £58,333 £10,497 £4,690 Rent is inclusive of S/C and Insurance.LL can break at anytime with 3 months notice.Contribution of £14,315.28 to car park in separate ownership until expiry or vacancy. More information available on request.

TOTAL £185,733 £18,518 £8,274

NET INCOME: £156,230.72 per annum

The Property is currently subject to three existing tenancies as detailed in the table below with a current net income of £156,230.72 per annum. Further information is available via the joint agents.

* Mirage Leisure Limited are paying a concession rent agreed by way of side letter currently. The original rent on the lease is £106,000 per annum.





ALCESTER STREET ELEVATION RED LION STREET

P L A N N I N GThe Property is within the jurisdiction of Redditch Borough Council. The existing building is currently sub divided into

a number of commercial units with existing use classes including A1 Retail, A3 Indian Restaurant and D2 Bingo Hall.

Whilst it is understood that our client does not intend to submit a planning application at this juncture, indicative plans have been commissioned to illustrate new build and conversion potential opportunities (subject to planning).

The indicative plans incorporated into these sales particulars and provided on the technical data room should be used for illustrative purposes only and no reliance should be placed on the information.

Two pre-application meetings have also been undertaken and we summarise the second pre application consultation feedback as follows:

Whilst the scheme (66 unit scheme comprising 37 No. 1 bed units, 26 No. 2 bed units, and 3 No. 3 bed units) has been improved following direct discussions and the first pre application consultation round, there are still some amendments required. Particular reference is made to the comments made by the Conservation Officer and Urban Design consultee. There is still a concern regarding building height and it may be that the number of units need to be reduced in order to reduce the bulk of the building, particularly in relation to the Palace Theatre. Further detail is available on the data room.

CGI images for illustrative purposes only.





T E N U R E & S E R V I C E S

T E N U R E

The Property is to be sold freehold in its current condition and subject to the existing tenancies.

The Property is to be sold subject to all third party rights, easements and statutory designations currently passing. Prospective purchasers must make their own enquiries in this regard.

We note that a right exists for the Council as owner of the Palace Theatre (‘the Theatre’) and its successors in title to access over part of the subject Property’s car park for the purposes of servicing the Theatre. The area of car park affected by this right of way is shaded pink on Land Registry title plan no. HW167310. Prospective purchasers must make their own enquiries in this regard.

S E R V I C E S

Prospective purchasers must satisfy themselves in respect of the provision, capacity and sustainability of all services and drainage and should rely on their own enquiries with the relevant statutory undertakers.

V A T

All offers are to be exclusive of VAT which may apply.

E P C

The Property has the following energy performance ratings:

y Unit 1A (Instore Plc) – C/69

y Unit 1B (Mujibar Rahmen) – C/54

y Unit 1C (Mirage Leisure Ltd) – D/85

Energy Performance Certificates are available on the technical data room.





M E T H O D O F S A L E

T E C H N I C A L D A T A R O O M

A technical data room in respect of the property is available via the Avison Young website: block1thequadrant.avisonyoung.co.uk

The technical data room has been compiled by Avison Young in their capacity as advisers to the Vendor. This has been compiled from information supplied by the Vendor and information available in the public domain. The technical information is provided solely for use by recipients in considering their interest in submitting an offer for the acquisition of all or any part of the Property.

Please be advised that plans, drawings and other information on the data site are protected by copyright, patent and warranty laws. The information provided should be used for consultations and illustrative purposes only. Therefore no reliance should be placed on the information or further copies made without the permission of the copyright owner.

B A S I S O F O F F E R S

Our client has a strong preference for a sale of the freehold interest in the entire property on an unconditional basis. Conditional offers may also be considered. All offers whether on a conditional or unconditional basis should be supported by satisfactory proof of funds and timescales for exchange and completion.

Offers on a conditional basis should include details of the conditions to be discharged together with details of the timescales, scheme proposals (for bids on a subject to planning basis) and further details of the purchasing company. Interested parties are permitted to submit an offer on more than one basis.

Offers are to be submitted using the bid proforma that is available within the data room. The bid proforma, together with any supporting information, must be submitted to the selling agents [email protected] and [email protected]

Our client reserves the right not to accept the highest or any offer received. Subject to contract.



http://block1thequadrant.avisonyoung.co.uk/Account/Login.aspx?ReturnUrl=%2fdefault.aspx



Avison Young and GCW hereby gives notice that the information provided (either for itself, for any joint agents or for the vendors lessors of this property whose agents Avison Young and GCW are in this brochure is provided on the following conditions:

1. The particulars are set out as a general outline only, for the guidance of intending purchasers and/or lessees and do not constitute an offer or contract, or part of an offer or contract.2. All descriptions, dimensions and references to this property’s condition and any necessary permission for use and occupation, and any other relevant details, are given in good faith and are believed to be correct. However, any intending purchasers or tenants should not rely on them as statements or representations of fact but satisfy themselves of their correctness by inspection or otherwise.

3. No person in the employment of Avison Young and GCW, or any joint agents, has any authority to make or give any representation or warranty whatsoever in relation to the property or properties in this brochure. 4. All prices quoted are exclusive of VAT.5. Avison Young and GCW shall have no liability whatsoever in relation to any documents contained within the brochure or any elements of the brochure which were prepared solely by third parties, and not by Avison Young and GCW.

Avison Young 3 Brindleyplace, Birmingham, B1 2JB

Avison Young is the trading name of GVA Grimley Limited. ©2019 Avison Young

GCW 7/10 Chandos Street, London, W1G 0DQ

C O N TA C T S V I E W I N G

All parties wishing to inspect the property are required to make prior arrangements with Avison Young or GCW.

Avison Young and GCW request that interested parties do not attempt to gain access to the property outside of accompanied viewing inspections. We would request discretion in the event interested parties undertake any roadside inspections of the property.



21 March 2019

P R O P E R T Y R E F E R E N C E

14878

Lucy HancockAVISON YOUNG

T +44 (0)121 609 8132 M +44 (0)7585 990784 E [email protected]

Mark BirksAVISON YOUNG


James PearsonGC W


Jack FirmingerGC W


THE QUADRANT ALCESTER STREET | REDDITCH | …...HEADING ALCESTER STREET | REDDITCH | B98 8AE BLOCK 1...

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