Birmingham Five Ways - Major city centre leisure investment - Cortex Partners
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
CHARTERED SURVEYORS
Five Ways
Birmingham
Major city centre leisure investment
2 BIRMINGHAM FIVE WAYS
BIRMINGHAM FIVE WAYS 3
INVESTMENT
SUMMARY
■■ Birmingham is the UK’s second city with a ■■ Held long leasehold for 99 years from 18th
population of over 1 million rising to 2.4 million May 1998, with an option to extend for a
within a 30 minute drive time. further 51 years at the current ground rent of
£187,372 pa, equating to effectively 6% of the
■■ 45% of Birmingham’s population is under the
passing rents.
age of 30 years, the youngest profile of any
European city and an extremely important age ■■ Fully let on 13 leases to 12 tenants, providing a
profile for leisure spend. total gross rental income of £3,090,223 pa and
a net income of £2,902,851 pa.
■■ Five Ways is Birmingham city centre’s
dominant cinema anchored leisure scheme, ■■ WAULT of 13.5 years to expiry, 12.8 years
located on Broad Street, the city’s principal to break.
leisure destination. As well as cinema it also
■■ Over 68% of income secure on covenants with
includes casino, gym, nightclub, bar and
minimum risk (Dun & Bradstreet).
restaurants. Two separate multi storey car
parks provide 750 spaces. ■■ 17% of income subject to RPI uplifts.
■■ The scheme, built in two blocks, totals ■■ Good rental growth prospects off re based
18,552 sq m (199,702 sq ft) and is anchored rents on the restaurants.
by a 12 screen Cineworld multiplex. Other
occupiers include Pure Gym, Grosvenor
Casinos, Inventive Leisure, Nando’s, Shimla
Pinks, Gatecrasher and Euro Car Parks.
PROPOSAL
We are seeking offers in excess of £35,000,000 (subject
to contract and exclusive of VAT ) for our client’s
long leasehold interest. Assuming purchaser’s costs
of 5.80%, a purchase at this level would reflect a Net
Initial Yield OF 7.84%
4 BIRMINGHAM FIVE WAYS SATNAV Reference: B15 1DA
BIRMINGHAM
Birmingham lies at the heart of one of Britain’s largest conurbations. It is the commercial,
administrative and cultural capital of the West Midlands and the UK’s second City, with a population
of just over 1 million people and an economic output of £18 billion per year.
Birmingham lies approximately 188km (117 miles) to the north Looking ahead, Birmingham City Council has launched The
west of London, 113km (70 miles) south of Manchester and Big City Plan, “the most ambitious, far-reaching development
74km (46 miles) south west of Nottingham. project in the UK.” The Big City Plan City Centre Masterplan
is a non-statutory planning and regeneration framework to
Birmingham is the largest city economy in the UK outside
create a world class city by planning for the next 20 years
London and is a major retail centre, second only to London in
of transformation. The vision is to extend the central core by
terms of retail spend. The city is also a significant centre for
25%, improve connectivity, strengthen its authentic character
tourism and is ranked 4th most visited city in the UK for at
and diversify its economic base.
least one night in 2011 (ONS).
Over £1 billion has already been spent or committed on major
Birmingham also has a growing reputation as an international
projects including redevelopment of New Street Station and
business destination, ranked 18th of Europe’s leading business
The Pallasades shopping centre, construction of the Library
locations overall (Cushman and Wakefield’s 2010 European
of Birmingham; one of the largest in Europe and the Midland
Cities Monitor). Over 40% of the UK’s conference and
Metro Line 1 Extension from Snow Hill Station to New Street
exhibition business takes place in Birmingham.
Station, with further plans to extend to Five Ways.
“ Birmingham is ranked one of the top 20
international destinations to visit ”
—New york times
BIRMINGHAM FIVE WAYS 5
CATCHMENT &
DEMOGRAPHICS
Birmingham ranks 2nd in terms of estimated shopping population at 750,000 people and 1st in terms
of total city centre retail floorspace with approximately 3.28 million square feet (PROMIS). The total
population within the primary catchment area is 1,368,000 ranking the city 5th of the Promis centres.
The 30 minute drive time population increases to nearly 2,400,000.
Birmingham has the youngest profile of any city in Europe
with over 45% of the population under the age of 30 years,
an important age profile for leisure operators.
Birmingham has a workforce of nearly 500,000 within a
diverse range of sectors. As a regional centre, there is a high
representation of major banks including Lloyds TSB, RBS,
HSBC and Deutsche Bank. The automotive industry is also a
major employer. It has three major universities with a total of
65,000 students. The city also attracts over 33 million people
a year for business and pleasure, the latter generating over
£4.6 billion for the local economy (Global Tourism Solutions).
CANNOCK
LICHFIELD
M6
GREAT BARR TOLL
“ Birmingham has
M6
TOLL
TAMWORTH
the youngest A34
ALDRIDGE
profile of any
WILLENHALL WALSALL
M6
WOLVERHAMPTON M6 TOLL
city in Europe A4123
BILSTON
WEDNESBURY SUTTON
COLDFIELD
with over 45% of M5
A38
TIPTON WEST BROMWICH M6 M42
the population DUDLEY
A4123 OLDBURY
ERDINGTON
M6
under the age
A38(M)
COLES HILL
ROWLEY REGIS
A4036
BIRMINGHAM
of 30 years an HALESOWEN
CRADLEY HEATH
A45
A452
HARBORNE
important factor A458
HALESOWEN SPARKHILL
BICKENHILL
for leisure spend ” A491
M5
NORTHFIELD
A435 M42
SOLIHULL
BALSALL
KIDDERMINSTER COMMON
DRIVETIME POPULATION M42 HOCKLEY
HEATH
10 minute 423,066
BROMSGROVE M40
20 minute 1,368,000
30 minute 2,400,000 REDDITCH
WARWICK
6 BIRMINGHAM FIVE WAYS
Library of Birmingham
The National The ICC &
Indoor Arena The National Symphony Hall
Sea Life Centre
Broad Stree
Brindley Place
Road Rail
Strategically located at the heart of the Birmingham New Street railway station is the
national motorway and rail networks, busiest in the United Kingdom outside London
Birmingham City’s communications are with services from London Euston, Glasgow
unrivalled: The M5, M6, M40 and M42 Central and Edinburgh Waverley among others.
motorways serve the city, providing direct
access to London, the south west and the
north, placing most of the UK’s population
within a few hours drivetime.
BIRMINGHAM FIVE WAYS 7
The Bullring
New Street
Station
The Mailbox
The Cube
et
FIVE WAYS
Auchinleck House
Metro Bus Air
A light rail system operates between Centro and Birmingham City Council are Birmingham International Airport, located
Snow Hill and Wolverhampton via Bilston, improving access to and across the city 6 miles east of the city centre, has
Wednesbury and West Bromwich – currently centre, easing usage for pedestrians, public scheduled flights to over 100 destinations
being extended from Snow Hill further into transport users and cyclists. These works will including direct services to North America,
Birmingham city centre. continue through 2013 and 2014. Europe and Asia and is only 9 minutes by
train from the city centre.
AY
A
8 BIRMINGHAM FIVE WAYS
EW
45
7
L
D
SA
ID
M
DALEY
C LOSE
D
O
O
W
DY
LIG
HT
LA
HO
RN
EA
0
VE
54
T
RY REE S
ST T
CEN
LA
A4
ND D
ST ROA GT TIN V I N
REE
B
D ALE S ST
T T
SH
BR TRE
O
EE
T
W
ES
S
P
NI
PHASE II T W
NG
TS
ET
N
CE
BI T VIN SH
S
G
SHO BY ER
IL
LA
PS RO B OR
GA
TE AD RY NE
D
ST LA ST
R
YW
EE ND
T
O
RU
ST
O
T
O
EE
M
D
N ST
TR
ID FIVE W
ST
TS
PHASE I
AN
D
NN
LE
TE
W
AY
7
RD
A 45 6 HAG LEY
P
This plan is published for convenience only, not to scale and is for identification purposes only.
SITUATION
Five Ways is situated in the “Westside and Ladywood Quarter” of Birmingham, one of
seven Quarters identified by The Big City Plan. It is a diverse area and forms a hub for
shopping, nightlife and entertainment activities. Westside has been transformed in recent
decades and is now the city’s primary business and leisure destination with over 300
businesses providing 12,000 jobs.
Five Ways is situated towards the south western end of Broad Street close to Five Ways roundabout and
occupies a prominent position on one of the principal arterial routes to and from Birmingham city centre.
Broad Street is the main leisure destination within the city stretching from Suffolk Street Queensway to
Ladywood Middleway. It hosts Birmingham’s biggest concentration of hotels, providing in excess of 1,800 rooms.
There is also a wide variety of bars, restaurants and nightclubs catering for a mix of tastes and budgets.
ST
CK S
HA
RE
CA RE N
ST
P
RE
ET C TO
ST
M
ET
ST AS
A
DE
U
T
JAM E
N
SQ
E
W
Y
BIRMINGHAMNFIVE WAYS 9
A
LA
EA
N
SW
ST
EW
S WATT
M
E
C HAP
ST
US
AN
ST
HA
N
RE
EE
E
SU ET LL HO
RG
N M
U
L
A
M EE
EO
Q
D
EL ST
ER ST ST
Q’ W
ST
HILLT
PI
G
E RE
TS ET
ES
R
PA RA D E
RL
AY
ST
JE
A
SU
KING
ET
/
H
MM
LE
C
ER
AY
F
T
ST
G
RO
SW
RD W
A
ND
EN
W
ED
EE
B
UE
ED AL
L
W
DA
T
ES
T
AL
Q
EE
G BE
RID
ST
DS
AR
C AM B ST RT
R
ST 4 ROA FAZ
E
OR
D 2
MO
NEW S
ST
TREET
3
HIG H
5 NEW
TREET SU ST
S
PC
6 FF
OT
ST
D
BR
1
ES
OL
ST
IDG
A
T
TR
YS
N
RK
O
KS
ES
EE
ISO
G A 10
ID
BR
PA
A LL
T
T
ALL
S
TQ
HO
AY
ST
Q’ W
UE
ON ST
9 EDG BAST MO
EN
OK A D
ST T LA IG B
6
RO
SW
45
N
BL
ST
LL
B
DE
A ETH
UC
WAYS
T
T
ER
AY
A
MA
TS
UPP
HE
GR 9 S
AN
R
AN
NN
ST
Y
VIL
PE
A
TE
ST
LID L E 8
OL
AD
RS
M
H
IA
E
HO
H
ST
BI
ILL
SH
AY
ST
W
RE
O
PS
GA
LOW
ST
T
HOL
STREET
E
W
BATH RO
ST
TREET
S IRVING S
CREG
LA ELEY
ST 5 mins walk
E
10 mins walk
WH
NT
OE ST
T
DS
KE
OR
T
1 Brindley Place IS 6 The Water’s Edge Brindley Place
RE
ST
TO L
SH
RF
BRI S 3 8
IVE
ST
LI
ST
BA
An award winning, canalside, mixed use development, opposite A lively mix of canalside bars and restaurants including
N
LE
NN
N DR
RE
G BE retail GRA
Five Ways, providing upmarket restaurants and bars, Wagamama’s, Carluccio’s, Pizza Express, Café Rouge, GBK, All
A
AR
K
WY
TO
AC
and offices. LL NT Bar One and Pitcher and Piano.
LOC
UE
OP
CH
KM A
BA ST
N
UTH
AD
EN
R
SH
7 Broadway Plaza
ER
N
2 RO
AV
Library of Birmingham
SO
RO
BI
RIC
SH
A A cinema anchored leisure scheme outside the city’s Ring Road.
At the north western end of Broad Street, W
on Centenary Square, D
It has a 12 screen Odeon cinema, casino, bowl, health club,
the new £188million Library of Birmingham, capable of taking
M Travelodge and two restaurants. There is a 1,400 space car park.
10,000 visitors a day, has recently opened. Next door to this The ID
Birmingham Repertory Theatre (The REP) also reopens in 2013 DL 8 Arcadian Centre
EW
GO
following extension and refurbishment. A mix of bars and restaurants around a central piazza. Mostly
AY
O
occupied by independent operators including Poppyred, Indi
The International Convention Centre
CH
3 Bar, Le Truc together with well known names such as J D
ST
& Symphony Hall Wetherspoons and Las Iguanas.
LU
STR
The Symphony Hall attracts 370,000 visitors every year. KE
9 Mailbox and The Cube ’S
RD
EET
A destination, high fashion shopping centre anchored by Harvey
4 The National Indoor Arena
A4
H
AN
Nichols and Malmaison. To the rear of the scheme overlooking
Located just to the north of Brindley Place, is one of the
54
ST
the canal is an upmarket collection of restaurants and bars
busiest large-scale, indoor sporting and entertainment venues 0
in Europe. Each year it attracts between 750,000 and 1 million BE
including Cote, Nando’s, Strada, Café Rouge, Pizza Express and
Zizzi’s.
LG
visitors. This year it is due to undergo refurbishment to include a
10 The Bull Ring RA
new entrance to improve access from Brindley Place across the
VE
canal. This is just a short walk from Five Ways. The city’s principal shopping centre, 110,000 sq m anchored by MI
Selfridges and Debenhams. Restaurants include Jamies Italian DD
5 The National Sea Life Centre and Handmade Burger. It has transformed Birmingham since its LE
Located at Brindley Place boasting a one million litre ocean tank and opening in 2003. WA
the first ever tubular 360 degree transparent walkthrough tunnel.
10 BIRMINGHAM FIVE WAYS
BIRMINGHAM FIVE WAYS 11 DESCRIPTION Five Ways was constructed in 1998, in two blocks known as Phase I and Phase II, either side of Bishopsgate Street. Each block comprises basement, ground and first floor leisure accommodation with a total floor area of approximately 18,552.8 sq m (199,702 sq ft). Phase I comprises cinema, gym, four restaurants and a multi storey car park with 481 spaces. Phase II comprises casino, nightclub, bar, three restaurants and a multi storey car park with 270 spaces. Cinema Gym A 12 screen, Cineworld multiplex cinema totalling Pure Gym operates a fully air conditioned, 24 hour gym approximately 6,633.4 sq m (71,402 sq ft) arranged on ground at ground floor and basement totalling approximately and first floor with entrance and ticket hall on Broad Street. 2,308 sq m (24,849 sq ft). The gym provides 220 pieces of Four screens are at ground level with eight at first. It has state of the art fitness equipment and a full class timetable. recently installed an IMAX screen which has further improved the popularity of this cinema. Nightclub Casino Gatecrasher is one of the premier nightclub operators in Grosvenor Casinos operate a G Casino at Five Ways. Situated the UK and a global brand which started 20 years ago. The at ground and basement levels with direct access also from nightclub at Five Ways totals approximately 3,440 sq m the multi storey car park at ground level, the casino was (37,027 sq ft) at first and second floor and provides 4 different substantially refurbished and re-branded in 2011. It is open 24 clubs in one, each one offering a different experience, from hours and as well as gambling, there is also live entertainment. the Main Room, with a capacity of 1,450 people down to a It totals 1,768.5 sq m (19,040 sq ft). smaller venue with a capacity of 180. Restaurants and Bar Car Park Having originally been very much a bar lead scheme, there are There are 2 separate multi storey car parks to the rear of the now 6 restaurants and Revolution Vodka Bar. The restaurants scheme with access from Bishopsgate Street, providing a total provide an eclectic mix of dining experience including Shimla of 751 car spaces. They are let to Euro Car Parks on 2 leases Pinks (which has remained Birmingham’s premier Indian with annual RPI uplifts and turnover provisions. restaurant since 1991) Del Villaggio and Nando’s. There are also three new restaurants due to open shortly.
12 BIRMINGHAM FIVE WAYS
BIRMINGHAM FIVE WAYS LEISURE 13
14 BIRMINGHAM FIVE WAYS
TENURE
The property is long leasehold, with each Phase held on a separate lease from
Trustees of the St. Martins in the Bull Ring Trust, for 99 years from 18th May 1998,
with an option to extend for a further 51 years, at a rent equating to effectively
6% of the annual passing rents, subject to a minimum of £125,000 pa.
There is provision in the head leases whereby if during an accounting period there is a reduction in
rental income, the average of the previous five year’s ground rent is calculated to establish the ground
rent for the year.
The ground rent payable for the year to 17th May 2014 is £187,372.
A copy of the headlease and ground rent reconciliation is available in the dataroom.BIRMINGHAM FIVE WAYS 15
CINEWORLD
GATECRASHER
P P
FIRST FLOOR
BRO
AD
STR
E ET
DEL VILLAGGIO
PURE GYM
GATECRASHER
G CASINO
SHIMLA PINKS
RESTAURANT
REVOLUTION
PAN ASIAN
BISHOPSGATE STREET
NANDOS
CINEWORLD EAST Z EAST
TIGER
BILLS
P
5 LEVELS P
5 LEVELS
GROUND FLOOR
TENNANT STREET
PURE GYM
RESTAURANT
PAN ASIAN
G CASINO
BASEMENTMinimum
16 BIRMINGHAM FIVE WAYS
68.47%
Minimum
Income by Use
10.77%
Car Park
TENANCIES Car Park
14.09% 42.22%
Nightclub
Cinema
Five Ways is fully let on Nightclub
13 leases to
12 tenants, in accordance with the tenancy Cinema
schedule below. The weighted average
unexpired lease term to expiry is 13.5 years
and 12.8 years to break.Casino 7.3%
Casino
All leases are on effective full repairing
Gym to 5 yearly
and insuring terms and subject
6.15%
upward only rent reviews. The two car park Gym
Restaurant & Bars
leases are subject to annual RPI increases
together with turnover provisions. Pure Gym
reviews are five yearly to RPI collared and
capped at 2% and 4%. 19.47%
Restaurant & Bar
Use Unit Tenant Trading as Floor area Term
Sq m Sq Ft
Phase I
Cinema Cinema Cineworld Cinemas Limited Cineworld Ground 2,454.0 26,415 25
First 4,179.4 44,987
Total 6,633.4 71,402
Gym 1, 2 & 3 Pure Gym Limited Pure Gym Ground 773.4 8,325 15
Basement 1,535.1 16,524
Total 2,308.5 24,849
Restaurant 4 Cyrus Khazaei Del Villaggio Ground 252.6 2,719 25
First 197.4 2,125
Total 450.0 4,844
Restaurant 5A Nando’s Chickenland Limited Nando’s Ground 292.7 3,151 25
Mezzanine 49.9 537
Total 342.6 3,688
Restaurant 5B Lewcra Ltd Tiger Bills Bar, Wok and Grill Ground 160.6 1,729 12
Mezzanine 176.8 1,903
Total 337.4 3,632
Phase II
Restaurant 6 Hard Rock Cafe (UK) Limited Shimla Pinks Ground 675.6 7,272 25
(Sub let to Grillfair Limited) Mezzanine 44.7 481
Total 720.3 7,753
Bar 7 Inventive Leisure Limited Revolution Ground 477.1 5,135 25
Casino 8 Grosvenor Casinos Limited G Casino Ground 207.0 2,229 25
Basement 1,561.5 16,811
Total 1,768.5 19,040
Restaurant 9 Pan Asian Restaurants Limited Ground 170.0 1,830 15
Basement
Mezzanine 725.2 7,806
Basement 739.1 7,956
Total 1,611.0 17,341
Restaurant 10 East Z East Limited East Z East Ground 375.4 4,041 15
Mezzanine 88.3 950
Total 463.7 4,991
Nightclub 11 Gatecrasher (Birmingham) Limited Gatecrasher Ground 159.8 1,720 20
First 2338.5 25,171
Second 941.7 10,136
Total 3,440.0 37,027
Car Parking
Phase I Euro Car Parks Limited 481 spaces 25
Phase II Euro Car Parks Limited 270 spaces 25
Sub Stn 1 Central Networks Plc 96
Sub Stn 2 Central Networks Plc 95
Total 18,552.8 199,702BIRMINGHAM FIVE WAYS 17
LETTING ACTIVITY
Over the last two years Five Ways has evolved away from its original roots as
a predominantly alcohol lead scheme. The principal tenants have all invested
significantly in the scheme over the last 3 years and are trading well.
Three new restaurants are due to open shortly: East Z East have taken an assignment of
Unit 10 and are fitting out. The company started in 2005 and currently have 4 restaurants in
the north-west.
Unit 5b has been let to Lewcra Ltd, trading as Tiger Bills, a restaurant franchise,
owned and operated by the Lifestlye Group. The rent equates to £14.20 per sq ft.
Unit 9 has been let to Pan Asian Restaurants Ltd for 15 years at a commencing rent
of £70,000 pa (£4.04 per sq ft overall).
From Expiry Review Frequency Rent pa Rent Comments
per sq ft
24 Jun 2000 23 Jun 2025 23 Jun 2015 5 yearly £1,304,616 £18.27
8 Nov 2010 7 Nov 2025 8 Nov 2015 5 yearly £190,000 £7.65 Rent reviews linked to RPI (2%–4%). First review based on 3 years.
Service charge cap of £2.01 psf for 3 years, thereafter increased
by RPI.
6 Jan 2012 5 Jan 2032 6 Jan 2017 5 yearly £48,880 £10.09
24 Jun 2000 23 Jun 2025 23 Jun 2015 5 yearly £62,750 £16.23 Includes supplemental lease of store dated 04 March 2011 at
£2,750 pa. Supplemental rent increases in equal proportion to uplift
in main lease.
26 Mar 2013 23 Jun 2025 26 Mar 2018 5 yearly £40,000 £11.01 Rent Yr 1: £20,000, Yr 2: £30,000, Yr 3-5: £40,000 Break: 25 March
2023 Vendor will top up rent to the commencement of the third year of
the term.
29 Jun 2001 28 Jun 2026 28 Jun 2016 5 yearly £190,000 £24.51 Unit sublet to Grillfair Ltd until 18 June 2016 at a rent of £100,000 pa
(£13.30 per sq ft) Tenant option to break 29 June 2016.
20 Apr 2001 19 Apr 2026 19 Apr 2016 5 yearly £130,000 £25.32 Tenants have installed a mezzanine of 295.3 sq m (3,179 sq ft)
25 Mar 2001 24 Mar 2026 25 Mar 2016 5 yearly £225,700 £12.20 Tenant has exclusive use of 35 free car spaces.
Lease states that for purposes of review maximum floor area is
18,500 sq ft.
5 yearly £70,000 £4.04 Term commences on completion of lease, following tenant’s fit
out. Five yearly rent reviews. Rent free of 27 months granted from
access date – 16 Sept 2013 –in accordance with agreement for lease.
19 Nov 2010 18 Nov 2030 19 Nov 2015 5 yearly £60,000 £12.02 Reversionary lease granted commencing 19 Nov 2025 to 19 Nov 2030.
Lease varied to remove mutual break..
11 Sept 2013 10 Sept 2033 29 Sept 2016 5 yearly £435,500 £12.02 Lease guaranteed by Gatecrasher Holdings Limited.
24 Jun 2000 23 Jun 2025 25 Jun 2013 Annual £203,905 Base Rent reviewed annually to greater of turnover rent for year or
RPI uplifts. Additional rent due of 60% of amount by which turnover
exceeds base rent pus operational costs
20 Apr 2001 19 Apr 2026 25 Apr 2013 Annual £128,852 Base Rent reviewed annually to greater of turnover rent for year or
RPI uplifts. Additional rent due of 60% of amount by which turnover
exceeds base rent plus operational costs.
11 Jan 2000 30 Sep 2096 n/a £10
13 Feb 2001 30 Sep 2096 n/a £10
Total Gross Rental Income £3,090,223
Head Rent £187,372
Total Net Rental Income £2,902,85118 BIRMINGHAM FIVE WAYS “birmingham has 3 major universities with a toTal of 65,000 students”
Minimum Lower than average BIRMINGHAM
Higher than averageFIVEHigh
WAYS 19
Undetermined
68.36 6.14 6.14 14.07 3.72
Income by Risk
3.56%
Undetermined Undetermined
14.09%
High
High
6.15%
Higher than
Higher than average
average
Lower than
TENANTS’
6.15%
average Lower than
average
Minimum
COVENANTS 68.47%
Minimum
Company Pre-tax Tangible
Unit Tenant D&B Rating Year End Turnover
No. Profit Net Worth
Cineworld 29/12/12 £169,617,000 £15,528,000 £46,185,000
Cinema 1915767 5A1
Cinemas Ltd 29/12/11 £165,194,000 £12,647,000 £31,307,000
10.77%
Car Park
28/02/13 £30,636,192 £552,024 £7,697,200
1,2 &3 Pure Gym Ltd 6690189 3A2
29/02/12 £16,828,920 £1,201,381 £7,1086,100
Car Park
Nando’s 26/02/12 £373,869,000 £53,859,000 £34,385,000
5A 2580031 4A1 14.09%
Chickenland Ltd 27/02/11 Nightclub£317,356,000 £31,496,000 £20,952,00042.22%
Cinema
Nightclub
5B Lewcra Ltd 08121028 Cinema
Undetermined – – – –
Hard Rock Café Casino 31/12/11 7.3%
Casino
£20,842,000 £5,288,000 £24,623,000
6 1924059 4A1
(UK) Ltd 31/12/10 £19,966,000 £4,519,000 £20,790,000
Gym
31/12/11 6.15% £969,485 £1,786 £225,956
6 (Sublet) Grillfair Ltd 5184152 B4 Gym
Restaurant & Bars 31/12/10 £960,281 £106,200 £224,170
30/06/12 – -£288,000 £25,172,000
7 Inventive Leisure Ltd 2824084 4A3
30/06/11 – 19.47%
£706,000 £25,135,000
Restaurant & Bar
Grosvenor 30/06/12 £352,400,000 £35,282,000 £208,732,000
8 877080 5A1
Casinos Ltd 31/12/10 £221,092,000 £29,684,000 £181,197,000
Pan Asian
9 08090358 Undetermined – – – –
Restaurants Ltd
31/12/11 £3,023,437 £210,520 £96,357
10 East Z East Ltd 06781411 D3
31/12/10 £2,372,548 £100,226 £32,448
31/12/12 £25,568,735 £1,357,314 £1,818,343
Car Park Euro Car Parks Ltd 1270612 2A1
31/12/11 £24,405,021 £1,242,497 £1,818,696
“over 68% of income
has a dun & bradstreet
minimum risk rating”20 BIRMINGHAM FIVE WAYS
ASSET MANAGEMENT
There are a number of asset management possibilities which we believe would be beneficial
to the scheme.
Explore the potential to agree a surrender with Shimla well as increase the pedestrian flow past the scheme. In the
Pinks to subdivide unit 6 to create 2/3 units with two medium term this could lead to the potential to attract more
fronting Bishopsgate Street, opposite the cinema entrance of the major restaurant groups.
and Nando’s.
Gatecrasher have expressed an interest in a ground floor
Grosvenor casinos have looked at taking the basement of feeder bar. Consideration could be given to part of the Shimla
Unit 9 on a number of occasions in the past. At some point Pinks unit with the entrance on Bishopsgate Street.
consider the potential of combining the units giving Grosvenor
Five Ways lacks a website and co-ordinated marketing to
a larger ground floor presence.
the many office workers and hotels in the immediate vicinity.
The redevelopment of Auchinleck House will potentially There is the potential to benefit from a co-ordinated approach.
increase the demand for parking spaces at Five Ways asBIRMINGHAM FIVE WAYS 21
AUCHINLECK HOUSE & FIVE
WAYS SHOPPING CENTRE
REDEVELOPMENT
This 1960s office tower and shopping This development will provide a much
centre, which is situated adjacent to needed addition to the south western
Five Ways, has over the last 10 years end of Broad Street and the increased
become largely vacant and run down. It pedestrian flow will be also be a
was acquired in 2011 by Ace Sino Group significant benefit to Five Ways.
Ltd, a Singapore based conglomerate
Plans showing the proposed scheme can
and is to be redeveloped to provide a
be found on:
300 bed, 4 star hotel with banqueting
www.birmingham.gov.uk/planning
and conference halls for up to 2,000
Application: 2011/08518/PA
delegates, rooftop restaurant, retail and
spa with car parking. The hotel, which is
due for completion towards the end of
2014, will be branded Park Regis.22 BIRMINGHAM FIVE WAYS
DATAROOM
Access to the dataroom is available upon request.
Measured, Building and Environmental surveys have
been carried out and will be assigned to the purchaser.
VAT
The property has been elected for VAT and it is
therefore envisaged that the transaction will be treated
as a Transfer of a Going Concern.
SERVICE
CHARGE
The service charge for the scheme is split between
the two buildings, based upon percentage of floor
area occupied. The service charge budget for 2013 is
£162,371.18 (£0.88per sq ft)
EPC
The property achieves an Energy Performance Rating
equating to D on the A-G scale. A full copy of the
report is available in the dataroom.BIRMINGHAM FIVE WAYS LEISURE 23 PROPOSAL We are seeking offers in excess of £35,000,000 (subject to contract and exclusive of VAT ) for our client’s long leasehold interest. Assuming purchaser’s costs of 5.80%, a purchase at this level would reflect a Net Initial Yield OF 7.84%.
CONTACT
James Welch
020 7534 0993
07768 005822
CHARTERED SURVEYORS
james@cortexpartners.co.uk
Jonnie Ray
020 7534 0994
07917 647652
jonnie@cortexpartners.co.uk
Tim Cuzens
020 7534 0992
07900 263493
tim@cortexpartners.co.uk
Misrepresentation Act 1967
Cortex Partners, for themselves and the vendors of the property whose agents they are, give notice that: 4. Rents and prices quoted may be subject to VAT in addition:
1. These particulars are a general outline only for the guidance of prospective purchasers and do not 5. Cortex Partners will not be liable in negligence or otherwise for any loss arising from the use of
constitute the whole or any part of an offer or contract: these particulars:
2. Cortex Partners cannot guarantee the accuracy of any descriptions, dimensions, references to condition, necessary 6. No responsibility can be accepted for any expenses occurred by intending purchasers in inspecting
permissions of use and occupation and other details contained herein and therefore prospective purchasers must not properties which have been sold or withdrawn:
rely on them as statements of factor representations and must satisfy themselves as to accuracy: 7. Cortex Partners have not made any investigations into the existence or otherwise of any issues concerning
3. Cortex Partners or their employees do not have any authority to make or give representation or pollution, potential land, air or water contamination. The purchaser is responsible for making their own
warranty or enter into any contract whatever in relation to this property: enquiries in this regard.
September 2013 | Designed and produced by THE GROUP www.completelygroup.comYou can also read
