ST JAMES HOUSE BIRMINGHAM - HOTEL DEVELOPMENT OPPORTUNITY - LoopNet
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ST JAMES HOUSE BIRMINGHAM
St James House
Birmingham, B1 1DB
HOTEL DEVELOPMENT OPPORTUNITY
1
www.realestate.bnpparibas.co.uk
St James House
Birmingham, B1 1DB
HOTEL DEVELOPMENT OPPORTUNITY SUMMARY
• To be sold on behalf of the Joint LPA Receivers
• Planning consent granted May 2021 for redevelopment to 10 storey ‘Aparthotel’ with 156 apartments
• Terms agreed with Residence Inn by Marriott on franchise agreement
• 0.25 miles to Birmingham New Street Station and Grand Central and close by to Birmingham CBD
• Existing building – 35,894 sq ft GIA
• 999 year long leasehold interest at a peppercorn rent
• Prominently situated on the edge of Birmingham’s CBD on the busy A38 Bristol Road
• Price on Application
For more information, please contact:
Simon Robinson
+44 (0) 7771 860 985
Senior Director
simon.robinson@realestate.bnpparibas
Mark Robinson
+44 (0) 7342 069 808
Senior Director
mark.d.robinson@realestate.bnpparibas
BNP Paribas Real Estate
9 Colmore Row, Birmingham B3 2BJ
St James House
Birmingham, B1 1DB
WELL CONNECTED
Motorways
Airlines
Railways
The city benefits from 3 main stations, Birmingham is situated Birmingham airport is due a further
New Street, Moor Street and Snowhill. within the heart of expansion at a cost of £500m. This is
England’s motorway expected to increase passengers numbers
All offer regular services reaching network linking the M1, by a further 40% over the next 15 years.
the majority of the UK. M5, M6, M40 and M42
resulting in over 90% of the Paris 1hr 15 mins
population being within
London (Euston) 1hr 20 mins Edinburgh 1hr 10 mins
4 hour travel time.
Manchester 1hr 29 mins Dublin 1hr 5 mins
Leeds 2hr 3 mins Dubai 6hr 55 mins
Edinburgh 4hr 57 mins New York 7hr 45 mins
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www.realestate.bnpparibas.co.uk
St James House
Birmingham, B1 1DB
LOCATION, DEMOGRAPHICS AND ECONOMY
Birmingham is Britain’s ‘second’ city, situated Recently Goldman Sachs have announced their
approximately 105 miles north-west of London. commitment to opening a Birmingham office,
joining the likes of Government departments such
Birmingham has a population of 1.1m and has one as Department of Workplace and Pensions showing
of Europe’s youngest populations with 45% of its the growing and increased appeal from office occu-
residents being under the age of 30. piers being drawn to Birmingham as a city.
The city has the largest economy outside London In addition, the city has the second highest retail
with a GVA of close to £30 billion, with 75,000 spend (pre-Covid) outside London and is a signifi-
companies based in Birmingham, of which over cant UK tourist and conferencing destination.
700 are international firms, contributing to Birmin-
gham being consistently ranked as one of Europe’s Birmingham has an established hotel sector cate-
most investable cities. Over 100,000 people are ring for the business, tourist and conferencing sec-
employed in the professional and financial services tors. Premier Inn are to open a third 235-bed city
sectors in Birmingham. centre hotel at Eastside, close to the HS2 Curzon
Street Station and within the CBD the refurbished
* Red line below for indicative purposes only
St James House
Birmingham, B1 1DB
luxury 4* Grand Hotel is completed and will open • The Midland Metro in H2 2021 will run from
in May 2021. Wolverhampton to Edgbaston via the city centre
and the Solihull extension to the Airport will be
Transport infrastructure projects have materially operational in 2026
enhanced Birmingham’s connectivity.
The BTS and BTR residential market has seen signi-
• HS2 is under construction and Phase 1 between ficant new development in the city centre and edge
Birmingham and London will be operational in of city centre locations. Major completed or near-
2031 and reduce train travel time to London to term completed schemes include The Forum close
49 minutes to Bull Ring, the 603 unit Allegro development at
Exchange Square and Moda Living’s The Mercian,
• Birmingham International Airport has expan- comprising 458 units on Broad Street.
ded with the runway extension now enabling
flights to the Far-East and the west coast of
America and is aiming for passenger growth to
18 million people within 10 years
St James House
Central Business
District
3
00
4
A4
CITY CENTRE
Birmingham
4 1
New Street
Birmingham
2
Moore Street
Snowhill
2 3
Station
HS2 Curzon
4
1 Street
6 7
5
DIGBETH
5 Mailbox
CHINESE
QUARTER 6 Grand Central
GAY VILLAGE 7 Bullring
5
www.realestate.bnpparibas.co.uk
St James House
Birmingham, B1 1DB
THE BUILDING
St James House is a prominent 1970’s office buil-
ding with ground floor entrance / reception and 6
upper office floors, outlined red opposite.
The building is vacant and suitable for redevelop-
ment for a variety of uses including hotel / hos-
pitality, residential or office, subject to Planning
and other Consents. There is currently planning
consent granted to demolish the existing building
and develop a 10 storey ApartHotel with a fran-
chise agreement in place with Marriott for a Resi-
dence Inn.
Whilst St James House represents a self-contained
redevelopment / repositioning opportunity, the buil-
ding is part of a larger site comprising the 02 Aca-
demy and an NCP car park which could potentially
form part of a larger, more comprehensive redeve- * red and blue lines above for indicative purposes only
lopment opportunity. The O2 Academy and NCP car
park sites are outlined in blue opposite.
Floor Size sq ft (NIA) Size sq ft (GIA)
Ground 0 1,455
1 Floor
st
524 762
2 Floor
nd
1,680 4,734
3 Floor
rd
5,160 6,323
4 Floor
th
5,160 6,323
5th Floor 5,160 6,323
6th Floor 5,160 6,323
7 Floor
th
5,165 6,323
TOTAL 28,004 38,566
St James House
Birmingham, B1 1DB
SITUATION
St James House is located on Horsefair which is • Maldron Hotel, A38 Suffolk Street Queensway –
part of the A38 Bristol Road, a major arterial route proposed 330 room development by Dalata and
heading south-west from the city centre and provi- McLeer & Rushe, adjoining Mailbox.
ding connectivity to the M5 motorway.
• Bristol Road / Essex Street – directly opposite St
As such St James House is on the edge of Birmin- James House Regal Property Group have com-
gham’s CBD and immediately adjoins Birmingham’s menced development of a 28 storey, 154 unit
02 Academy, a well-known music venue and a mul- BTR scheme, due for completion end-2022.
ti-storey NCP car park. The building is close to the
iconic mixed-use Mailbox and a short walk from • New Monaco, Bristol Street – 2021 consented
Birmingham New Street Station, Bullring shopping c.1,000 unit residential development by MCR
centre and the city centre office core. Property Group.
The immediate location is the focus of conside- • To the rear of St James House Court Collabora-
rable current and proposed residential, hotel and tion / Top Capital Group have recently comple-
office development including: ted The Axium, Holloway Head, a 304 unit BTS
residential scheme, enhancing the immediate
• Axis, A38 Suffolk Street Queensway – proposed location as a residential destination on the edge
office redevelopment to create c.1m sq ft of of Birmingham’s CBD.
office, hotel and retail space by LCR, adjoining
Mailbox. • To the rear of the property, 6-12 Bow Street is
under offer for redevelopment for residential.
7
www.realestate.bnpparibas.co.uk
St James House
Birmingham, B1 1DB
MICRO LOCATION
The Axium The Mailbox Maldron Hotel Bristol Road/Essex Street
Court Collaboration / Top Substantial retail, office Proposed 330 room Regal development of
Capital Group have recently and hotel complex recently development by Dalata and a 28 storey, 154 unit BTR
completed a 304 unit BTS acquired by M7RE in 2019 McLeer & Rushe, adjoining scheme, due for completion
residential scheme for c £189m Mailbox end-2022
6-12 Bow Street
Under offer for redevelopment Opened in 2015 and home to
for residential Adjacent 3,800 capacity 211 Bedroom hotel as part over 60 retail stores spanning
music venue of a 40 storey building 500,000 sq ft
St James House
Birmingham, B1 1DB
EXISTING FLOORPLANS
7th Floor 3rd Floor
6th Floor 2nd Floor
5th Floor 1st Floor
4th Floor Ground Floor
9
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St James House
Birmingham, B1 1DB
PROPOSED SCHEME
Planning Application was submitted in January OPERATIONAL AGREEMENT
2021 and achieved full Planning Consent in May Franchise Agreement in place with Residence
2021. Inn by Marriot. Further details are available on
request.
The Consent is for a change of use of existing buil-
ding from Office E(g) to a serviced aparthotel C1, APARTHOTEL SECTOR
including part retention of the existing building to The UK is one of the leading countries in the ser-
level 3 which element is to be extensively refurbi- viced apartment sector. Pre-pandemic, the global
shed to provide accommodation suitable for asso- supply of serviced apartments relative to the oce-
ciated communal and service spaces. rall hotel sector ranged between 3.1% and 6.4%
whereas demand growth has ranged from 2.6%
The scheme is then to demolish level 4 above and and 9.4%. research indicates there is currently a
replace with a new 9 floors. Once completed the distinct lack of long stay product in Birmingham
development will provide 3 storeys of accommoda-
tion supporting the hotel with the further 9 storeys • During 2019 occupancy increased at an average
creating hotel accommodation to total 156 ser- of 1.65% in the Birmingham hospitality sector
viced aparthotel units. with REVPAR (revenue per available room)
improving an average of 3.6% per annum
Relevant documentation is at: 2020/02657/PA
• The ADR (average daily rate) in the Birmingham
St James House Planning Application Hospitality sector increased on average 2.2%
per annum
• As of 2019, ADR had increased from £84.15 to
£95.70 over the last six yearsSt James House
Birmingham, B1 1DB
SERVICE APARTMENT LOCATION PLAN
JEWELLWERY
QUARTER
12
0
CITY CENTRE
40
A4
14
13
9
7
11 8
GAS STREET 2
10
BASIN
4 CHINESE 3 DIGBETH
QUARTER
WESTSIDE 5
1
6
GAY VILLAGE
Ref. Hotel No. of Rooms
11 StayCity Serviced Apartments Arcadian Centre 79
22 Shaftesbury House by CityQuarters 17
33 PREMIER SUITES Hotel 67
44 The Spires Birmingham Spires 30
55 The Postbox by Bridgestreet 60
66 Comfort Zone @ Parkside 24
77 Staying Cool Apartments @ The Rotunda 36
88 Aparthotel Adagio 108
99 Staybridge Suites 179
10
10 Comfort Zone Cutlass Court Apartments 6
11
11 SACO Birmingham Brindleyplace 35
12
12 StayCity Newhall Square 170
13
13 City Nites 75
14
14 ApartmentBloc 31
11
www.realestate.bnpparibas.co.ukSt James House
Birmingham, B1 1DB
SITE AREA
The property occupies a site area of c. 0.19 acres
(0.077 ha).
The total site area of the sites comprising St James
House, the 02 Academy and the NCP car park is c.
1.96 acres (0.79 ha)
TENURE
The property is held on a 999 year lease at a pep-
percorn rent commencing 12 March 2019 under
Title no. WM263531
PROPOSAL
The freeholder is Standard Securities Ltd (company
no. 00979400), which also owns the freehold of the
02 Academy building. Note: Davidson Kempner own Offers are invited for the long leasehold interest
the freehold of the adjoining NCP car park property. in the property. Alternatively, offers on a forward
funding or forward commitment basis will also be
The head lease is available on request. considered.
EPC Price on Application.
D – 77
SALE OFFERING CONDITIONS
No representations or warranties will be given in relation to the sale of the Property by the Joint LPA
Receivers. The sale will be without title guarantee and without provision of a standard replies to enqui-
ries package and no reliance on any information provided will be available. The sale documents will
contain the usual exclusions on liability and other provisions that are standard for a sale by the Joint LPA
receivers.St James House
Birmingham, B1 1DB
CONTACT
For more information, please contact:
Simon Robinson Mark Robinson
+44 (0) 7771 860 985 +44 (0) 7342 069 808
Senior Director Senior Director
simon.robinson@realestate.bnpparibas mark.d.robinson@realestate.bnpparibas
BNP Paribas Real Estate
9 Colmore Row
Birmingham
B3 2BJ
Misrepresentation Act 1967: BNP Paribas Real Estate Advisory & Property Management UK Limited for themselves
and for the vendor(s) or lessor(s) of this property whose agents they are, give notice that: 1. These particulars do not
constitute, nor constitute any part of, an offer or contract. 2. None of the statements contained in these particulars as
to the property are to be relied on as statements or representations of fact. 3. Any intending purchaser or lessee must
satisfy himself by inspection or otherwise as to the correctness of each of the statements contained in these particulars.
4. The vendor(s) or lessor(s) do not make or give and neither BNP Paribas Real Estate Advisory & Property Management
UK Limited nor any person in their employment has any authority to make or give, any representation or warranty
whatever in relation to this property. Finance Act 2013: Unless otherwise stated all prices and rents are quote exclusive
of VAT. The Business Protection from Misleading Marketing Regulations 2008: These details are believed to be correct at
the time of compilation but may be subject to subsequent amendment.
April 2021
13
www.realestate.bnpparibas.co.ukSt James House
Birmingham, B1 1DB
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